The Kuwait Banking Association stated that within the framework of cooperation between the Association and The Business Year Foundation, the Association supports the “Thought Leadership Circle” series of events, organized by The Business Year Foundation in cooperation with the Kuwait Direct Investment Promotion Authority. The first of these events was held on December 9, 2024, a symposium entitled “Accelerating Technology and AI Implementation”, in the presence of His Excellency the Minister of State for Communications Affairs, Mr. Omar Al-Omar, Chairman of the Board of Directors of the Kuwait Banking Association, Chairman of the Board of Directors of the Commercial Bank of Kuwait, Sheikh Ahmed Duaij Al-Sabah, and a group of the most important leaders of the Kuwaiti banking sector, leaders of public and private sector institutions, the Communications and Information Technology Regulatory Authority, the Shared Banking Services Company (KNET), Zain Telecommunications Company, and a number of international companies, including SAP and Google Cloud.
The symposium discussed a number of key topics such as artificial intelligence, digital infrastructure, cybersecurity, and enhancing technological innovation in financial services. The symposium was addressed by the Chairman of the Board of Directors of the Association, Chairman of the Board of Directors of the Commercial Bank of Kuwait, Sheikh Ahmed Duaij Al-Sabah, and Mr. Mohammed Yousef Al-Kharafi, Chief Operating Officer and Information Technology Officer at the National Bank of Kuwait Group. During his participation in the conference sessions, Chairman of the Board of Directors of the Federation and Chairman of the Board of Directors of the Commercial Bank, Sheikh Ahmed Duaij Al-Sabah, stressed the crucial role played by the partnership between the public and private sectors in driving innovation in the field of artificial intelligence by leveraging the strengths of both sectors.
On the other hand, Al-Sabah pointed out that financial technology companies are a key partner for banks, especially in light of the rapid development of the digital economy. He stated that banks can benefit from the expertise and solutions provided by financial technology companies to develop flexible solutions driven by artificial intelligence to improve personal customer experiences, enhance data analysis to improve risk management and decision-making, and adopt safer and more transparent financial transactions.
Al-Sabah continued by indicating that Kuwait has taken remarkable steps in adopting artificial intelligence and big data technologies, as many different sectors, including healthcare, transportation and finance, have integrated artificial intelligence into their operations and benefited from data analysis to improve decision-making.
Al-Sabah added that artificial intelligence will play a major role in helping the workforce become more efficient by developing new skills and making more accurate decisions, which in turn will improve the efficiency of the workforce and create added value, noting in this regard a number of key challenges to the use of artificial intelligence that require attention and treatment, including, for example, regulatory concerns related to compliance and legal requirements, data privacy and control.
In light of the National Bank of Kuwait’s recent acquisition of a 51% stake in UPayments, the Group Chief Operating Officer and Information Technology Officer of the National Bank of Kuwait, Mr. Mohammed Yousef Al-Kharafi, confirmed that innovation is part of the identity of the National Bank of Kuwait, as the bank facilitates and enables multidisciplinary initiatives led by fintech companies to keep pace with a new era of banking services. This comes amidst a major development in financial technology that has radically changed this field, as digital payments have grown significantly over the past ten years, as the National Bank of Kuwait is constantly looking for opportunities for any innovative or complementary financial technology, as these partnerships provide the bank and its customers with long-term added value and also enhance the bank’s capabilities in the field of payments.
Al-Kharafi pointed out that promoting a culture of continuous learning and self-development is at the core of NBK’s values, as the bank collaborates with experts and key leaders in the fields of finance, technology and education to provide specialized awareness sessions and training. He pointed out that NBK has a business academy and an information technology academy, where graduates are trained on the latest emerging practices and technologies. The bank also collaborates with the world’s leading universities to provide leaders with the latest leading practices in business and technology.
Al-Kharafi confirmed that NBK’s customer data is protected and secured with the latest cybersecurity and advanced technologies, in full compliance with the cybersecurity framework issued by the Central Bank of Kuwait, as the bank uses specialized products to protect against cyber attacks based on artificial intelligence algorithms to protect data. The bank leverages data to conduct advanced analyses in real time to provide a rich experience for individual and corporate customers. Al-Kharafi also indicated that the bank closely monitors modern trends in innovation and digital transformation, and can effectively and efficiently overcome any challenges related to their adoption.
In conclusion, the Kuwait Banking Association thanked all participants in this event and their participation, which undoubtedly contributed to enriching the discussion on the importance of artificial intelligence in the current business environment.
