Kuwait, 17 February 2025: Kuwait International Bank (KIB) recently announced signing a strategic memorandum of understanding (MoU) with PayTabs Kuwait, a member of MENA's award-winning payment orchestration powerhouse PayTabs Group. This partnership aims to enhance the Bank’s suite of customized solutions tailored to meet the needs of merchants and business owners through a dedicated referral program.
This partnership also underscores KIB's ongoing commitment to expanding its customer base by equipping businesses across various sectors with advanced payment solutions, thereby supporting Kuwait’s economic growth and fostering digital transformation.
Expressing his enthusiasm for the new partnership, Anwar Al-Qenaei, General Manager of PayTabs Kuwait, said: “This collaboration represents a significant milestone for both PayTabs and KIB, as we join forces to provide innovative digital payment solutions that empower businesses to thrive in an increasingly digital world.”
Under this strategic partnership, PayTabs Kuwait will refer merchants to KIB, allowing businesses to leverage seamless and efficient payment solutions that simplify transactions and settlements. The agreement primarily targets businesses in Kuwait seeking secure payment solutions. These solutions help facilitate financial transactions with ease and efficiency, while also supporting entrepreneurs and small and medium-sized enterprises (SMEs) in Kuwait. The partnership is designed to empower businesses seeking to adopt innovative digital payment solutions that enhance the efficiency of their financial operations, offering them online presence and thereby driving sustainable growth.
Commenting on the MoU, Mohamed El-Shareef, General Manager of the Digital Innovation and Data Intelligence Department at KIB, said: “We are delighted to sign this MoU with PayTabs, which enables us to expand our scope of services and offer comprehensive and safe payment solutions that elevate merchants’ experience. This agreement aligns with our dedicated strategy to provide our customers with innovative digital banking services that rise to their aspirations and fulfill their diverse needs in a constantly evolving business ecosystem. It also reflects our vision to be a domestic market leader and cement our influential role in supporting our national economy and achieving sustainable development.”
It is worth noting that this MoU marks a notable milestone for KIB in its strategy for expanding its digital services and fortifying its capacity for developing advanced digital payment solutions, confirming its commitment to meeting its customers’ needs in the commercial sector and offering them an exceptional banking experience.
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