Kuwait International Bank (KIB), a sharia-compliant Kuwaiti Bank, announced today that it has joined the Visa Ready for Fintech Enablement program in an effort to provide both Fintechs and traditional issuers full enablement stacks for digital issuance speeding up their time to market and addressing the needs for digital/technology first strategies. Through KIB’s work with Visa, KIB will offer card issuance solutions to Fintechs and non-Banking entities in Kuwait.
Under its BaaS (Banking as a Service) strategy, KIB is revolutionizing the financial landscape by offering a comprehensive CaaS (Card as a Service) program to its esteemed B2B partners. As a part of this full-stack solution, KIB will provide Program Management services, and Payment Infrastructure Services to partners seeking to provide exceptional card services to their customers.
In an impressive feat, KIB has become the first bank in Kuwait to join Visa Ready, to offer CaaS across diverse industries. This means that Airlines, Telecommunications companies, Exchange houses, Fintechs, and Retailers can now leverage KIB’s expertise and tap into the immense potential of card services.
The Visa Ready certification demonstrates KIB’s unwavering commitment to excellence and adherence to the highest industry standards. By achieving this certification, KIB sets itself apart as the first bank in Kuwait to join this innovative program, ensuring its partners benefit from the utmost security, reliability, and trust.
KIB’s CaaS program is designed to unlock an extensive range of use cases and value propositions for its partners. With unparalleled versatility, partners can harness the power of a wide array of prepaid programs, including both uni and multicurrency card offerings. These programs can be seamlessly delivered through various form factors, encompassing physical and digital formats, to cater to the evolving needs of customers in today’s digital era.
The Visa Ready Fintech Enablement Program provides partners like KIB with access to Visa’s growing partner network through top-of-the-funnel awareness, go-to-market support to uncover new markets, and newly launched Visa products and solutions. Learn more about the Visa Ready program at https://partner.visa.com.
“The collaboration between KIB and Visa represents an exciting milestone for the Kuwaiti banking industry,” stated Mohammed El Shareef – GM Digital Transformation & Innovation. “Through this partnership, KIB is positioned to transform the landscape of card services, providing our partners with cutting-edge solutions and empowering them to deliver exceptional customer experiences.”
“We believe this collaboration will help our fintech clients deliver improved customer experiences in Kuwait faster and easier than ever,” said Ankush Devadason, Visa’s Head of Financial Institutions for Kuwait. “Visa is therefore delighted to grant KIB Visa Ready BIN Sponsorship certification, and we look forward to collaborating with them to build out the capabilities fintech need to drive the expansion of a digitally connected payments ecosystem in Kuwait.”