Zain, at the recently concluded Fintech Exhibition which was part of the inaugural International Banking Conference in Kuwait, showcased its digital capabilities which include the latest and most innovative fintech applications and platforms. Mobile banking services play an important role in people's lives, and Zain has introduced many innovative initiatives to manage customers' needs. Notably, Zain and Boubyan Bank announced plans for the development of the first digital platform for Islamic banking services at the conference.
This is the first digital partnership of this nature in the region made between one of the biggest regional telecom entities and one of the most innovative banks with respect to offering advanced digital banking services. Once approved, it is expected that the digital partnership will contribute towards creating a comprehensive technology community and the establishment of the first digital bank. Furthermore, the strategic partnership will also help create a business ecosystem that inspires innovation.
The agreement between Zain and Boubyan Bank foreshadows the emergence of more investment opportunities in the fintech area. Digitization is accelerating at an incredible pace, resulting in benefits that no one could have predicted a decade ago. Fintech services remain under-penetrated in the region, which is a major challenge for the establishment of startups. Despite this, there are positive expectations for the growth of online payments in the future, led by increasing usage of online banking services.
Commenting on the partnership with Boubyan Bank, Bader Al-Kharafi, Zain's vice-chairman and group CEO said “Our digital partnership with Boubyan Bank will introduce an advanced platform to encourages the development of digital banking services. It will help support startups and emerging enterprises and contribute to the incredible digital innovation taking place across the region.”