KUWAIT CITY, Oct 28: Kuwait Finance House (KFH) participated in the 2nd edition of ArabNet Kuwait held under the patronage of HE Khaled Al-Roudan, Minister of Commerce and Industry and Minister of State for Youth Affairs. The conference is one of the biggest and most targeted to tech startups. It brings together top investors, and other potential partners working in the same industry in addition to entrepreneurs and financial experts.
KFH participation comes as part of the bank’s keenness to be present at forums and events concerned with the latest development in the digital world to be utilized in the financial industry and customer service.
Group General Manager Retail Banking at KFH, Fadi Chalouhi, stressed on the sidelines of a discussion panel themed “FinTech- Innovation and New Trends”, the importance of keeping abreast of the latest technological developments in the financial industry, while adhering to the regulations and security standards. Digitalization can’t replace banks, yet plays a key role in banking transactions and payment solutions.
“Evolutions with FinTech and FinTech firms becoming increasingly important. Now we are living in a digitalized world. Technology is in our hands. We should utilize it for the best interest of our customers and operations.” Added Chalouhi.
He indicated that KFH increased its investment in technology, and launched unprecedented e-Services such as “KFH Wallet” where KFH is the first bank in the Middle East and Africa (MEA) region to launch a mobile wallet powered by the Mastercard Digital Enablement Service (MDES), a revolutionary platform that helps transform any connected device into a commerce device to conveniently make and receive payments. By replacing card numbers with a digital token unique to the mobile device, MDES creates EMV-like security for every transaction, giving cardholders peace of mind wherever they tap for payments.
KFH launched a novel approach of banking services; XTM that allows customers to conduct their transactions and perform many banking services round the clock in a very modern way using advanced tools through visual and audio communication options.
KFH, in association with Visa, is the first bank in Kuwait to launch Visa Checkout (VCO), a service, which enables quick, safe and secure online payment. The bank improved the competency of its ATMs, and launched a state-of-the-art website; kfh.com.
KFH won “Best Consumer Digital Bank in the Middle East 2017” Award from Global Finance Magazine in recognition of its strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and web/mobile site design and functionality.
KFH strategy focuses on offering the banking services round the clock to customers. KFH will continuously improve its services and keep abreast of the latest banking technology in order to meet the aspiration of its customers while maintaining its pioneering position as a world leading Islamic financial institution.
It is worth noting that ArabNet Kuwait focused on the Kuwaiti and GCC market. The conference offers a platform for stakeholders to discuss trends and developments across Adtech, Investment & Innovation, and Digital Commerce, bringing together over 70 speakers and 600 attendees.