KUWAIT: The Central Bank of Kuwait (CBK) will hold an event tomorrow (31 January 2022) to unveil the CBK’s enhanced capabilities in bolstering monetary stability and financial stability titled, “Stability and Enablement”. The presentation will highlight CBK’s efforts in enabling the digital advancement of the financial sector, driving innovation and leveraging fintech in the financial sector.

CBK Governor Dr Mohammad Y Al-Hashel stated that CBK’s International Banking Conference: Shaping the Future, held on 23 September 2019, served as a steppingstone to accelerate digitization and future-readiness for both CBK and the sector. It also served to support the Bank’s role in further bolstering monetary stability and financial stability, and to enable the banking and financial sector to navigate a period filled with unmatched technical and technological advancements, innovation, and transformation globally.

Dr Al-Hashel said the role of central banks had expanded. Alongside their main function in terms of setting and implementing monetary and supervisory policy in an increasingly complex environment, they must now also enable banking and financial industry development and encourage innovation in a manner that balances bolstering stability and encouraging innovation and employing the latest technology, all for the purpose of creating customer-centric services.

The CBK event will shed the light on the steps the Bank had taken  and would announce several developments signaling and heralding a new era of digital banking and a vibrant financial sector that is rich in services, supportive of innovation, business leadership, and fintech. The Governor concluded his remarks by inviting those interested to follow the  event, which will be broadcast online through the Bank’s official social media platforms.