Fintech & AI in Kuwait

In the past, when we thought about banks, we imagined long lines, paper forms, and waiting days on end for a simple transaction. In today’s world that is quickly disappearing thanks to fintech (financial technology) and artificial intelligence (AI). How we save, spend, and invest money is starting to progress at a rapid pace, especially here in Kuwait. 

Fintech combines technology with finance to make banking and money management smarter, more efficient, and highly accessible. Traces of this are seen everywhere and used in everyday life through Apple Pay, Tap, Knet, or mobile bank accounts. Meanwhile, AI refers to the machines and software that can ‘think’ and learn from the data it is fed. Together, these forces are evolving - reshaping the world from how we transfer money to how we detect fraud.

In Kuwait, fintech and AI have been gaining recognition since around 2018 when the Central Bank of Kuwait (CBK) launched a regulatory ‘sandbox’ to help startups test new digital banking ideas safely. In 2022, CBK introduced rules revolving around digital banks, making it easier for tech-first banks to enter the market. In addition to this, at around the same time the Capital Markets Authority created its own fintech unit, supporting tools like robo-advisors (AI programs that help people invest) and crowdfunding platforms. These changes make it possible for new businesses - especially ones led by younger individuals - to build apps and services that improve how we handle money. All of this innovation boosts financial inclusion and encourages entrepreneurship by making our world and the idea of running a business more efficient.

Moreover, Kuwait is catching up with global innovation; the National Bank of Kuwait (NBK) has created “Weyay” a fully digital bank for younger people, that uses robotic process automation and AI to speed up internal systems, saving thousands of working hours. Even smartwatch payments are becoming more common which is a huge step in terms of efficiency. 

Furthermore, fintech and AI have massively increased youth-led startups. Companies like Kem, which raised 1 million dollars to launch QR-code-based money transfers show that innovation isn’t just for big banks. In addition to this, Cadena Solutions, a Kuwait-born company, uses AI for tasks such as sales predictions, customer insights and even cross-border trade. This is all powered by smart algorithms. 

Looking forward, it is clear that in Kuwait with over 40 per cent of startups led by women and a population that’s highly educated we have the potential to lead the fintech movement in the Gulf. In doing so, it is important to invest in tech education and support young entrepreneurs to ensure their dreams are achievable.