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Agility set for first independent digital bank license

Finance Kuwait City 28 Aug 21
Agility set for first independent digital bank license
Kuwait-based logistics company Agility - one of the largest in the MENA region- has applied for a licence to establish a digital bank.
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Event Location
Kuwait, Kuwait
Area
Kuwait City
Start Time
28 August 2021, 12:00 AM
End Time
10 September 2021, 12:00 AM
Website

While traditional banks are offering more digital services, there is a wave of new independent digital banks entering Gulf markets.

Kuwait-based Agility, one of the largest logistics companies in the Mena region, has applied for a licence to establish a digital bank as it pivots towards digital banking services in response to changing customer behaviour.

"Agility has requested a licence to establish a digital bank but there is nothing material at the moment," vice chairman and chief executive Tarek Al Essa said on Tuesday in a statement to the Dubai Financial Market.

The company's comments came in response to an August 23 report by Kuwait's Al Rai newspaper on Agility's plans to set up Kuwait's first digital bank in line with FinTech developments in local and global markets.

Al Rai's sources indicated that the company has yet to determine the exact capital required to establish a digital bank in the local market, which is subject to the conditions of the Central Bank of Kuwait.

Kuwait banking news 2021Kuwait agility digital bank license



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