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Kuwait steadily progressing toward a developed, secure digital environment: Visa official
Kuwait continues to make steady progress in strengthening its digital environment.
KUWAIT CITY, April 13: A senior executive at Visa has praised Kuwait for its significant strides in building a secure and advanced digital environment. Speaking to the Kuwait News Agency (KUNA) on Sunday, Charles Lobo, Senior Vice President and Regional Risk Officer for Central and Eastern Europe, the Middle East, and Africa (CEMEA) at Visa, highlighted the country’s progress in securing its digital payment systems.
Lobo noted that the Central Bank of Kuwait (CBK) has played a pivotal role by enforcing stringent regulatory guidelines for digital payments. These regulations ensure proper governance, risk management, cybersecurity, and customer protection, contributing to a robust digital infrastructure that enhances trust in electronic transactions and aligns with global best practices.
He emphasized that Kuwait’s digital transformation strategy is a key pillar of its sustainable development, particularly in driving growth in the digital economy. The payments sector in the country, he added, is rapidly evolving due to rising consumer demand and the government’s cashless agenda.
Referring to Visa’s recent “Stay Secure” study, Lobo revealed that 8 in 10 consumers in Kuwait trust digital payments and intend to use them more frequently in the future. He also highlighted that Kuwait leads the Gulf Cooperation Council (GCC) countries in digital payment adoption, with a 92% tokenization rate and a 99% contactless payment usage rate—indicators of strong consumer confidence and growing retailer engagement.
Lobo commended the collaboration between Kuwait’s public and private sectors in the digital payments space. He stressed that this cooperation is essential for Kuwait to maintain its global leadership in financial technology and innovation.
The “Stay Secure” study further revealed that 94% of Kuwaiti consumers take active steps to secure their payments. Additionally, 53% refuse requests to transfer money on behalf of others via email and avoid sharing card or account details. Around 40% have activated SMS alerts to monitor account activity.
Despite high awareness levels, challenges persist. According to the study, 44% of consumers have experienced fraud, and 14% have been victims of multiple incidents. However, 91% of consumers reported feeling safer when transactions require identity verification codes, and 55% said they prefer clear security icons—signaling the continued need for consumer education and awareness.
Lobo reaffirmed Visa’s strong presence and collaborative efforts in Kuwait’s payments ecosystem. The company works closely with the government, CBK, banks, and fintech firms to implement stringent security standards and support fraud prevention initiatives. Visa is also partnering with the Kuwait Banking Association to launch consumer awareness campaigns and promote secure payment practices.
In addition, Visa is enhancing its partnerships with banks to integrate artificial intelligence in fraud detection and provide safer, more secure payment solutions, especially in the retail sector. Lobo highlighted the company’s advocacy for contactless payments and digital wallets as part of a seamless, modern payment experience.
He underscored Visa’s commitment to cybersecurity, noting that the company has invested over $10 billion globally in the last five years to strengthen digital payment systems. This includes the use of CyberSource, a secure payment platform based on tokenization that replaces sensitive card data with unique identifiers. Since its acquisition in 2010, CyberSource has helped safeguard $40 billion in e-commerce revenue and prevent $650 million in fraud.
The Kuwait government approves tougher measures to tackle financial crimes.
KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.
The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.
During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.
The new decree law includes two significant amendments:
- Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
- Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n
The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.
Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.
Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.
Updated regulations aim to boost fair use and revenue from state properties.
KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.
In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.
Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.
“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.
She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.
The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.
In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.
The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.
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