Boubyan Bank Group has cemented its role as a pivotal force in Kuwait’s digital economy through a series of strategic partnerships and investments. Over the past year, the financial group has undertaken transformative initiatives ranging from artificial intelligence and open banking to supporting the burgeoning “Buy Now, Pay Later” (BNPL) sector, signaling a clear vision to shape the next generation of digital banking in the region.
AI-Driven Banking with Microsoft
A cornerstone of Boubyan’s recent strategy is a landmark partnership with Microsoft to launch the “AI-Driven Transformation” program. The collaboration aims to develop a fully integrated banking platform powered by advanced AI technologies. A key aspect of the memorandum of understanding is the commitment to data security, with AI models operating exclusively within a secure environment on local servers, adhering strictly to the Central Bank of Kuwait’s regulations and global data protection standards.
This initiative is set to radically enhance the customer experience by providing highly personalized and predictive services. The bank is integrating Generative AI across all customer touchpoints, including its app, website, and smart branches. This will significantly upgrade “Msa3ed,” the first AI-powered digital assistant in a Kuwaiti banking app, enabling it to understand user context more deeply and interact in a more personalized manner.
Tapping into BNPL with Deema Kuwait
Recognizing the rapid growth of alternative payment solutions, Boubyan Bank and its investment arm, Boubyan Capital, announced a strategic partnership and preliminary investment agreement with Deema Kuwait. As the first licensed BNPL provider in the country, Deema Kuwait represents a key component in Boubyan’s vision for a comprehensive digital financial ecosystem.
The partnership aims to leverage Deema’s fully digital business model to offer instant financing solutions that stimulate growth and increase sales for merchants. This move not only caters to the growing consumer demand for flexible payment options in the GCC but also aligns with Boubyan’s strategy of investing in innovative tech companies with a deep understanding of customer needs.
Championing Open Banking with Spare
In a pioneering move for Kuwait’s financial sector, Boubyan Bank became the first local institution to directly enter the open banking arena through a strategic collaboration with Spare. As Spare’s official banking partner in Kuwait, Boubyan will provide the necessary support and resources to launch a sophisticated open banking operating model, enabling the fintech to expand its services and introduce new solutions to the market.
Spare, a leading open banking infrastructure provider in the Gulf region, allows companies to securely connect to financial institutions through a single API, facilitating instant access to financial data and payment services. Headquartered in Saudi Arabia, Spare’s expansion into Kuwait with Boubyan’s backing marks a significant step toward a more integrated and innovative regional financial landscape.
Fostering Entrepreneurship with Holistic Consulting
Continuing its commitment to the local startup ecosystem, Boubyan Group has also forged a strategic partnership with Holistic Consulting. This collaboration extends Boubyan’s long-standing support for small and medium-sized enterprises (SMEs) by combining its financial leadership with Holistic’s specialized advisory services. The partnership aims to provide entrepreneurs with integrated solutions, including financial and administrative consulting, risk management, and operational model development, thereby enhancing the growth and efficiency of local businesses.
About Boubyan Bank Group
Boubyan Bank is a leading Islamic financial institution in Kuwait known for its focus on innovation, digital transformation, and customer service. Through its various entities, including Boubyan Capital, the group actively invests in and partners with technology companies to build a modern, integrated financial ecosystem that meets the evolving needs of consumers and businesses in the digital age.
Source: Al-Rai Media
