CBK grants UPayments an electronic payment license

By Leandra Monteiro

The Central Bank of Kuwait (CBK) has recently agreed to grant an electronic payment (e-payment) license to UPayments.com, a company specialized in financial technology, allowing it to provide financial services and enhance its role in this field.

On this occasion, Co-founder and CEO of UPayments, Nasser Fawzi Al-Humaidi, revealed that the CBK, through its Resolution 430/44 of 2018, aims to regulate e-Payments and the work of companies operating in this important sector, through clear and explicit instructions specifying how to provide payment services in a safe and sustainable manner.

The company’s success in obtaining an e-payment license from the CBK is the culmination of a long journey of continuous development of information security programs and internal regulations in the company, to keep pace with the requirements of the CBK, which comes within the framework of the bank’s belief in the importance of the financial technology sector.

Al-Humaidi said that complying with the CBK’s requirements would strengthen the company’s capabilities, providing more services that fulfill the aspirations of companies and customers in various fields. This step keeps pace with global changes in the e-payments sector, which have developed significantly, especially in the recent period with the spread of the COVID19 pandemic, where all business sectors moved towards electronic payment and embraced technological changes.

In this regard, Al-Hamidi revealed a significant increase in the number of registered customers, and a subsequent increase in the number of payment transactions. The company provides innovative payment solutions to large, medium, and even small companies through payment links and e-commerce, through a website dedicated to facilitating the collection of funds.

The company also provides an integrated system for paying and collecting rents, designed to help real estate owners and companies manage their properties professionally online, thus contributing to their growth and enhancing trust between the owner and the tenant, especially in these difficult circumstances.

“This achievement comes as a result of great efforts made by the company’s team under the guidance of the National Bank of Kuwait, which accelerated the company’s accreditation and enhanced its leadership in this field,” Al-Humaidi added.

He pointed out that the CBK’s continuous keenness to support the payments and financial technology sector system and raise the level of effectiveness and flexibility of financial transactions, supports plans to enhance innovation in the provided financial services, in accordance with international standards, to ensure the stability of the financial sector and the fairness of its transactions.

Al-Hamidi stated that “UPayments” is keen to provide distinguished services in an ongoing basis to its customers through the latest online payment technologies, and through signing partnerships in various fields.