Kuwait Central Bank is exploring blockchain and CBDCs—here is what you need to know

Kuwait’s Central Bank Governor, Basel Al Haroon, recently spoke with John Everington of The Banker to discuss the potential implementation of blockchain EKYC solutions, as well as the ongoing research into central bank digital currencies (CBDCs). Al Haroon explained that the bank is closely monitoring the experiences of other countries that have already issued CBDCs, as well as the ongoing debates among stakeholders regarding the various advantages and disadvantages. He emphasized the importance of maintaining monetary and financial stability, while also preserving confidence in Kuwait’s payment system.

On the subject of blockchain, the Central Bank of Kuwait has approved two local banks to launch their own blockchain-based KYC verification and API interfaces. In June 2021, Akcess, a company that utilizes Hyperledger Fabric to provide KYC blockchain-enabled solutions to customers in Kuwait, Egypt, Qatar, and the UAE, opened its offices in Kuwait.

Akcees CEO Abouzeid stated that they are in advanced talks with financial institutions in the UAE and Saudi Arabia, and are preparing for expansion into the GCC market. With over 30 developers located across London, Romania, and Moldova, their global blockchain platform, AKcessChain, has nodes in the UK, Switzerland, Canada, and Kuwait, which are being used by top financial institutions for client onboarding, KYC profile verification and updating, as well as transaction management.

“The Kuwait network is being used by top financial institutions for onboarding clients, verifying and updating KYC profiles, as well as managing transactions. We are now in advanced talks with financial institutions in the UAE and Saudi Arabia, and are also preparing for our expansion into the GCC market.”

Abouzied, CEO Akcess