The Kuwait Banking Association, with guidance and support from the Central Bank of Kuwait, has launched “Mutawar,” a first-of-its-kind national initiative aimed at accelerating the country’s FinTech sector. The program, which has received strong backing from leading financial institutions like Boubyan Bank, is designed to empower Kuwaiti youth to transform innovative ideas into market-ready ventures.
Driving A Knowledge-Based Economy
The Mutawar initiative is a key component of Kuwait’s broader vision to foster a knowledge-based economy and advance its digital transformation agenda. It seeks to solidify the nation’s standing as a prominent regional financial hub by embracing the latest developments in digital services. In a statement, Boubyan Bank praised the initiative, highlighting its alignment with the bank’s own strategy of encouraging innovation and equipping young Kuwaitis with the skills to develop advanced financial solutions.
Dual Tracks For Aspiring Innovators
To cater to entrepreneurs at various stages, the Mutawar program is structured into two distinct pathways. The “Idea Track” is designed for individuals and teams with early-stage concepts that require guidance and development to become viable projects. The “MVP Track” is targeted at those who have already developed a minimum viable product or a working prototype and need technical support, testing, and assistance to scale their solution.
Comprehensive Support And Incentives
Participants in the initiative will undergo a four-month intensive bootcamp, providing them with a highly supportive environment. The program includes specialized workshops on entrepreneurship, financial modeling, and market analysis, as well as individual and group mentorship sessions with seasoned banking and technology experts. A key highlight of the initiative is a prize pool of up to 60,000 Kuwaiti Dinars, which will be awarded to the most innovative and promising projects.
About The Mutawar Initiative
Mutawar is a national FinTech initiative launched by the Kuwait Banking Association and supported by the Central Bank of Kuwait. It aims to empower Kuwaiti youth and entrepreneurs by providing them with the training, mentorship, networking, and funding needed to develop innovative financial technology solutions. The program features two distinct tracks for ideas and prototypes, fostering innovation from conception through to execution.
Source: Zawya
