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Thursday , February 9 2023

Priority to products, services supporting sustainability

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KUWAIT CITY, Nov 26: Within the framework of the Central Bank of Kuwait’s keenness to support modern financial technologies, and keep pace with global trends related to sustainability to achieve social and climate-related goals and green environmental practices, and coinciding with the recent issuance of guidelines on ESG ( Environmental, social, and governance) the bank announced that priority in the experimental regulatory environment would be given to products and services that support sustainability standards, reports Al-Qabas daily.

In a press release, the CBK indicated the attention that the bank attaches to modern financial technologies, and its keenness to encourage innovative financial technology products and services that support environmental, social and governance aspects by giving them priority for testing within the experimental regulatory environment at the bank.

The press release added the bank had initiated the launch of the general framework for the experimental control environment in 2018 to test innovative products and services, within the framework of modern financial technologies without exposing the financial and banking system to risks, and it also continued to update the general framework for further development and improving the quality of outputs. The bank pointed to the stride he made in recent years in working to improve services that serve the banking sector and the economy of the State of Kuwait, stressing that the adoption of this type of products and services is a continuous process.