Boubyan Bank and Mastercard have signed an agreement to support fintech companies in Kuwait, the bank said on Wednesday.
The agreement allows the two companies to explore joint projects that combine Boubyan’s banking infrastructure and regulatory expertise with Mastercard’s payments network and technology, according to a statement published by Kuwait Times.
The deal was signed in the presence of Abdullah Al-Tuwaijri, Boubyan’s Chief Executive Officer of Consumer, Private and Digital Banking, and Mark Elliott, Mastercard’s Division President for East Arabia.
The bank did not disclose financial terms.
Eligible technology companies can use Boubyan’s Banking as a Service program to build products, said Saleh Al-Mansour, the bank’s General Manager of Retail Products and Business Performance.
Services under the program include BIN sponsorship, which lets companies add bank cards to digital wallets and issue their own card and payment products. They also include cardless cash withdrawals for wallet users through Boubyan’s ATM network, and virtual IBANs that let users receive bank transfers directly into digital wallets.
Elliott said growing adoption of digital payments in Kuwait was creating new opportunities for fintech companies.
Boubyan, an Islamic lender, reported a 4% rise in nine-month net profit to KD80.7 million on Monday.
