The Banking Executive Magazine - March 2024 Issue

Kuwait International Bank (KIB) held a special press conference to an- nounce the launch of Kuwait’s first bank-led digital marketplace, the KIB PayTally App. A leader in Islamic banking solutions, KIB’s pioneering initiative marks the first time a bank in Kuwait has created a platform to serve as a specialized digital market- place, catering to the diverse needs of its customers’ modern lifestyles by allowing them to access everything they need in one place across vari- ous categories, in addition to the ex- clusive KIB Store. Commenting on the launch, Othman Tawfeqe, General Manager of the Re- tail Banking Department at KIB, said: “This initiative represents a signifi- cant breakthrough in the field of dig- ital Islamic banking solutions and serves as a testament to our dedica- tion to offering exceptional products and services. These offerings are de- signed to meet our customers' needs comprehensively and align with their lifestyles. Furthermore, the KIB Pay- Tally application will enhance the customer experience, especially dur- ing the holy month of Ramadan, by providing seamless and beneficial features.” Speaking at the press conference, Tawfeqe added: “The launch of the new application, which adheres to Islamic banking principles, in con- junction with our Ramadan cam- paign embodies the holy month’s spirit of generosity, and KIB stands proud as a community partner, offer- ing financial solutions that are both accessible and advantageous. Our focus this Ramadan is not just on fa- cilitating easy and convenient trans- the BANKING EXECUTIVE 38 ISSUE 183 MARCH 2024 KIB INTRODUCES DETAILS OF KUWAIT’S FIRST BANK-LED DIGITAL MARKETPLACE: KIB PAYTALLY APP FinTech and AI Chornicle