CBK seeks help from banks for electronic payment system – ARAB TIMES
Call to hire highly knowledgeable staff
KUWAIT CITY, November 22: The Central Bank of Kuwait (CBK) asked the banks for the results of the economic feasibility study to establish a joint stock company specializing in the field of electronic payment system, in order to develop and operate the retail business. payment systems before the banks begin the procedures for its creation, reports the daily Al-Rai. The Central Bank stressed the need for banks to attract highly qualified executives to manage and operate retail payment systems effectively and efficiently in accordance with safety standards. He emphasized the need to keep abreast of the latest developments and technologies applied globally, in a way that meets market demands and customer needs, and in a way characterized by high flexibility and a desire to keep abreast of the latest developments and technologies applied in the world. . According to informed sources, some banks have recommended changing the business model of the proposed company.
They are not opposed to the new company being independent from the shared automated banking company “KNet”, and given the basic business task of developing and operating retail payment systems. , but they don’t prefer the new company to be cloned. of KNet with all its services. The Central Bank told the banks that after considering the proposed timetable for the procedures for establishing the company, operating and carrying out its work, it undertakes to establish the company in accordance with the initial plan submitted by the banks. , taking into account the following aspects: 1. Submit a monthly report on developments 2. Present the results of the economic feasibility study for the creation of the company before the incorporation procedures 3. Submit a proposal for the project of retail payment systems governance 4. Ensure that the project schedule includes an assessment of security systems and products before they are released to the public, based on the Cyber ââSecurity Policy Framework for the Kuwait Banking Sector 5 Present the policies and working procedures related to the training offer on the electronic payment of funds before starting the registration process. recovery as a practitioner.