Kuwait, 1 November 2023: Kuwait International Bank (KIB), a leading financial institution in Kuwait, proudly announces a groundbreaking strategic growth partnership with Visa, the global leader in digital payments. This dynamic collaboration, set to span seven years, marks a pivotal moment in the Kuwaiti banking landscape. KIB is poised to undergo a remarkable transformation into an exclusively Visa card issuing bank.
Under the overarching theme of “KIB & Visa Partnership for Growth,” this visionary alliance is built upon a foundation of innovation, technology, and the creation of new business verticals. KIB and Visa are dedicated to pioneering financial solutions and forging new pathways within the Kuwaiti market. This partnership will have far-reaching implications for both entities and the Kuwaiti banking industry as a whole.
The cornerstone of this partnership is the commitment to driving innovation and embracing cutting-edge technology. KIB and Visa are dedicated to jointly introducing innovative banking products and services that will revolutionize the financial landscape in Kuwait. By leveraging Visa’s global expertise and KIB’s digital capabilities, customers can anticipate a wealth of new banking propositions, encompassing seamless payment solutions, digital banking innovations, and much more.
On this occasion, Mohammed El-Shareef – General Manager of the Digital Transformation and Innovation Department at KIB, said: “This partnership represents a significant stride towards making KIB synonymous with innovation and customer-centric solutions. We are committed to delivering banking experiences that exceed expectations and position KIB as a digital banking leader that sets new industry benchmarks and elevates the financial landscape in Kuwait to unprecedented heights.”
The collaboration between KIB and Visa extends beyond traditional banking boundaries. By pooling resources, skills, and technologies, both parties are poised to unlock new business verticals and expand market reach. This joint venture will bring new opportunities to the forefront, offering customers in Kuwait access to groundbreaking services and experiences.
On her part, Artii Thannki – Visa’s Head of Fintech and Partnerships for Kuwait and Qatar, said: “We are delighted to announce this exciting 7-year partnership with Kuwait International Bank, which cements our shared commitment to driving the growth of digital commerce in Kuwait. This partnership will significantly enhance our ability to innovate and deliver secure, seamless payment experiences for consumers and businesses alike, and promote economic growth in line with the Kuwait government’s cashless agenda.”
As a testament to its dedication to excellence, KIB is also proud to announce the successful completion of the Visa Ready Certification, a historic achievement as the first bank in Kuwait to attain this milestone. This certification opens the door to a realm of possibilities, enabling KIB to offer robust banking propositions related to Cards, Payments, and Digital Banking in B2B format for various entities across multiple industries, in line with the regulations of the Central Bank of Kuwait.
KIB's bold vision includes Banking as a Service (BaaS), where it offers a comprehensive stack solution, encompassing BIN sponsorship, Program Management services, and Payment Infrastructure Services to its B2B partners. With this certification, KIB is poised to be the preferred partner for businesses seeking to offer card services to their customers in Kuwait.
Concluding his statement, Mohammed El-Shareef said: “The Visa Ready Certification is a testament to our unwavering commitment to excellence. It underscores our readiness to enable and empower businesses with the latest advancements in banking services.”
KIB's partnership with Visa heralds a new era in Kuwait's banking industry, offering exciting opportunities for growth, innovation, and collaboration. As the Bank embarks on this transformative journey, KIB invites its customers and potential partners to join it in shaping the future of banking in Kuwait.