Total assets of Kuwait’s banking sector amounted to $221 billion in 2018. Local banks have shown remarkable resilience since oil prices collapsed in 2014, with banking assets growing by a CAGR of 4.7% between 2014 and 2018. FinTech has fast become the biggest driver of change in Kuwait’s banking sector, helped by CBK’s new transformation strategy centred on promoting innovation and boosting efficiency across the financial sector. In addition, CBK has ensured the supervision and monitoring of electronic payments through the Electronic Payment and Settlement System Supervision Unit.
- Trends and developments in Kuwait’s banking sector;
- Key regulatory initiatives driving the future of banking in Kuwait;
- Capacity building measures strengthening the future of banking in Kuwait; and
- Key stakeholders’ views on Kuwait’s banking sector.