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Wednesday , September 28 2022

Representation of banks at KNET board should be at highest level

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KCCI hosts fresh graduate trainees from CMA

KUWAIT CITY, Jan 30: The Kuwait Banking Association has issued a circular to the banks that they should be represented on the board of directors of the joint automated banking services company, KNET, at the level of the CEO or his deputy, reports Al-Rai daily. It has been informed that a board of directors for KNET be formed at the level of the director of the retail sector management from each bank or director of information systems (IT), but according to the new directive from the union, each bank will have to represent it at the highest executive level in an effort to raise the level of responsibility required from the company’s board of directors in the coming period.

The sources pointed out that KNET is preparing to expand its business in the coming period, as the company’s business and returns are likely to increase at large rates, in the event that the Central Bank of Kuwait decides to take over the company to implement the modern Kuwait National Payments System (KNaPS), through which the regulatory body seeks the development of the financial payments system, and achieving significant benefits at the level of the financial services sector in the field of financial payments.

The sources stated that KNET is a company that provides automatic banking services to all Kuwaiti banks, as it is committed to following up and adopting the latest technologies in various fields of automatic banking services, and thus keen to provide the highest level of automated banking services available globally to its member banks and the banking community. While the sources did not suggest a specific date for the restructuring of a new board of directors for the company, sources made it clear that KNET does not need to call for a general assembly meeting to elect a board of directors.

Trainees from the Capital Markets Authority participating in fresh graduates program

Meanwhile, Kuwait Chamber of Commerce and Industry (KCCI) received on January 29 a group of trainees from the Capital Markets Authority (CMA) who have been participating in the sixth edition of the 2019/2020 Fresh Graduates Program. According to a press release, the Deputy Director General of KCCI Hamad Jarrah Al-Omar welcomed the trainees. He expressed readiness of KCCI to always host the trainees and provide all required services to assist them.

Al-Omar reaffirmed consistent commitment of KCCI towards developing Kuwaiti human element, which is a major pillar of the economic development Meanwhile, The Ministry of Commerce and Industry recently issued a decision to add three activities to the list of commercial activities within the applicable limits of the unified guidance in the classification of economic activities in the GCC, reports Al- Seyassah daily. In a press statement, the ministry announced that the additional activities include arranging local and foreign cultural trips, as well as refilling powder ink. By virtue of this decision, the ministry will now issue licenses to those who intend to engage in the aforementioned activities.

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