Kuwait: Kuwait International Bank (KIB), a sharia compliant Kuwaiti Bank, announced today that it has joined the Visa Ready for Fintech Enablement program in an effort to provide both Fintechs and traditional issuers full enablement stacks for digital issuance speeding up their time to market and addressing the needs for digital/technology first strategies. Through KIB’s work with Visa, KIB will offer card issuance solutions to Fintechs and non-Banking entities in Kuwait.

Under its BaaS (Banking as a Service) strategy, KIB is revolutionizing the financial landscape by offering a comprehensive CaaS (Card as a Service) program to its esteemed B2B partners. As a part of this full-stack solution, KIB will provide Program Management services, and Payment Infrastructure Services to partners seeking to provide exceptional card services to their customers.

In an impressive feat, KIB has become the first bank in Kuwait to join Visa Ready, to offer CaaS across diverse industries. This means that Airlines, Telecommunications companies, Exchange houses, Fintechs, and Retailers can now leverage KIB's expertise and tap into the immense potential of card services.

The Visa Ready certification demonstrates KIB's unwavering commitment to excellence and adherence to the highest industry standards. By achieving this certification, KIB sets itself apart as the first bank in Kuwait to join this innovative program, ensuring its partners benefit from the utmost security, reliability, and trust.

KIB's CaaS program is designed to unlock an extensive range of use cases and value propositions for its partners. With unparalleled versatility, partners can harness the power of a wide array of prepaid programs, including both uni and multicurrency card offerings. These programs can be seamlessly delivered through various form factors, encompassing physical and digital formats, to cater to the evolving needs of customers in today's digital era.

The Visa Ready Fintech Enablement Program provides partners like KIB with access to Visa’s growing partner network through top of the funnel awareness, go-to-market support to uncover new markets, and newly launched Visa products and solutions. Learn more about the Visa Ready program at https://partner.visa.com.

"The collaboration between KIB and Visa represents an exciting milestone for the Kuwaiti banking industry," stated Mohammed El Shareef – GM Digital Transformation & Innovation. "Through this partnership, KIB is positioned to transform the landscape of card services, providing our partners with cutting-edge solutions and empowering them to deliver exceptional customer experiences."

“We believe this collaboration will help our fintech clients deliver improved customer experiences in Kuwait faster and easier than ever,” said Ankush Devadason, Visa’s Head of Financial Institutions for Kuwait. “Visa is therefore delighted to grant KIB Visa Ready BIN Sponsorship certification, and we are looking forward to collaborating with them in building out the capabilities fintechs need to drive the expansion of a digitally connected payments ecosystem in Kuwait.”

About KIB

Kuwait International Bank (KIB) is a bank that operates according to the Islamic Shari’ah, based in the State of Kuwait. Incorporated in 1973, and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007. In 2018, KIB embarked on a new phase of its journey full of innovation and development. As part of its new strategic direction, the Bank focuses on offering a next-level customer experience under the slogan: “Bank for Life”. 

Through a network of branches spread across the State of Kuwait, KIB offers a broad range of banking products and services, as well as innovative digital banking solutions in line with international best standards. As part of its duty towards the community, the Bank also encompasses a leading social responsibility program that aims at positively impacting all members of the community through a wide range of impactful initiatives and activities.

Today, KIB has taken concrete steps in implementing its new strategic objectives. The Bank has cemented its role as a key player in the local banking industry and has continued to maintain its strong financial performance; enabling it to be globally recognized for its strong credit rating and financial position.

About Visa

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, Visa CEMEA Blog and @VisaCEMEA Twitter channel.