Boursa Kuwait partners with PACI to raise security

The new service offers the latest electronic signature feature

KUWAIT: Khaled AbdulRazzaq Al-Khaled, Boursa Kuwait Vice Chairman and CEO and Musaed Al-Asousi – Director General at PACI, signing the agreement at Boursa Kuwait headquarter.

KUWAIT: Reinforcing the credibility of disclosed information, Boursa Kuwait announced today its partnership with the Public Authority for Civil Information (PACI), to offer the latest Electronic Signature feature, which acts as an authentication system for the information provided by listed companies on the Company Information Portal (CIP).

The partnership was announced during a press conference held at the Boursa Kuwait premises, on 20th March, 2017, where both parties signed the partnership agreement to make it official.

Commenting on this new system, Boursa Kuwait Vice Chairman and CEO, Khaled AbdulRazzaq Al-Khaled said: “When we initially launched the CIP, our main objective was to capitalize on the importance of providing stakeholders with a credible, transparent and accessible information platform. Building on that, it was equally significant that we maintained a secure and authenticated gateway for that information, hence our partnership with PACI to offer the Electronic Authentication Gateway for Civil ID’s verification”.

Al-Khaled added: “We chose PACI as our partner to provide secured identity authentication as they are one of the few ISO 27001 certified organizations in Kuwait. The fact that PACI is the sole authority in Kuwait that issues the National Civil IDs for all legal residents, along with its secured authentication process, gives it the unique qualification that Boursa Kuwait needed to implement CIP authentication”.

Boursa Kuwait designed and launched CIP with the aim of providing a credible and up to date information platform for all listed companies, which can be used as a reference site by all stakeholders. The Portal requires listed companies to upload news regarding disclosure announcements, their profile page and their financial statements with full authority to make regular updates.

“Boursa Kuwait seeks partnerships that add value to its long terms vision and strategy, and supports its day to day operational objectives. We thank PACI for their cooperation and we look forward to a productive and longstanding partnership that is mutually beneficial”, Al-Khaled added.

The Electronic Signature system, provided by PACI, requires the authorized representatives from listed companies in Boursa Kuwait to visit PACI’s offices to activate the electronic signature. Therefore, it is crucial that the companies update their information at PACI.

Musaed Al-Asousi – Director General at PACI, said; “This partnership between the Public Authority for Civil Information and Boursa Kuwait is a strategic move to enrich the cooperation between the public and private sectors in the field of electronic connectivity. The agreement aims to develop the quality of services by facilitating efficient procedures to ease the process for the users. I am pleased to emphasize that the Authority stands ready to cooperate with Boursa Kuwait to provide the required services, in accordance with the agreement concluded between the two entities”

Al-Asousi highlighted PACI’s commitment and efforts towards the private and public sectors by streamlining the process and providing better security and authentication that benefits both sectors, which should result in increased public confidence on the authenticity of information provided by Boursa Kuwait.

For its part, PACI shall have a permanent presence at Boursa Kuwait. PACI office shall act as the legal and authorized service provider of the Electronic Authentication Gateway for Civil ID’s verification.

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