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WAMD real-time payment system achieves rapid transaction growth

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KUWAIT CITY, May 28, (BUSINESS WIRE): ACI Worldwide (NASDAQ: ACIW), an original innovator in global payments technology, and KNET, Kuwait’s national electronic banking company, today announced that WAMD, Kuwait’s real-time payment system, recorded significant growth in the number of transactions processed since its launch in June of 2024, making WAMD one of the world’s most rapidly adopted real-time payment initiatives. KNET utilized ACI’s Digital Central Infrastructure solution to build the central payment infrastructure of WAMD, an interoperable, countrywide scheme that enables account-to-account (A2A) payment transfers via a bank’s mobile app or internet banking service by using a phone number. WAMD was implemented in less than 15 months, redefining the pace for rapid digital transformation and innovation.

Banks in Kuwait have lauded the scheme for delivering a seamless and user-friendly differentiated customer banking experience. With 100% of the country’s banks now on board with WAMD, this extraordinary growth in realtime payments is expected to continue. “As real-time payments become ubiquitous in Kuwait, consumers have gravitated toward secure, realtime payment methods, reshaping habits around convenience and efficiency while reducing reliance on cash. KNET’s primary strategic focus is to provide a safe and reliable payment environment by enhancing existing infrastructure, developing innovative payment systems, and improving service efficiency domestically and regionally,” said EsamAlkheshnam, KNET’s Chief Executive Officer. Alkheshnam added that “IPS in Kuwait was given the name ‘WAMD,’ which translates to lightning flash – an indication of the speed of the service. WAMD, which is available on the banking application of all local banks, has gained traction from the start with one million registered users during the first quarter of the launch of WAMD. “As soon as we introduced the service to Kuwait, we began outlining the next phase of IPS in Kuwait, which will build on the success of phase one. Together with ACI Worldwide, being one of our strategic partners, KNET is committed to adopting state-of-the-art technologies in digital payments, adhering to the highest global standards.”

Aligned with KNET’s mission of supporting Kuwait’s national vision for digital transformation, longer-term strategic initiatives include the integration of Kuwait’s fintech players to WAMD and enabling A2A real-time payments in their Electronic Fund Transfer Point-of-Sale terminals using dynamic QR codes. KNET is also looking at implementing the “Request to Pay” service to streamline payment operations for web merchants and provide a safer, enhanced e-commerce shopping experience for Kuwaitis. Kuwait’s evolution into a realtime payment powerhouse is set to further propel the Middle East’s position as a leader in payments modernization. According to ACI’s Prime Time for Real-Time 2024 report, which tracks global realtime payment volumes and growth forecasts, the Middle East has been recognized as the fastest-growing real-time payments market in the world for two consecutive years.

Additionally, real-time payments are a powerful enabler for economic advancement and inclusion. ACI’s Real-Time Payments: Economic Impact and Financial Inclusion report indicates that by 2028, real-time payments are forecast to create more than 167 million new bank account holders and generate $285.8 billion of additional global GDP growth. “Kuwait’s rapid adoption of real-time payments has been impressive and stands out as one of the fastest adoption rates around the globe. The rising demand for real-time payments drives innovation in payments, forges new use cases that stimulate economic growth, promotes financial inclusion, and meets customers’ evolving expectations,” commented Craig Ramsey, global head of account-to-account payments at ACI Worldwide.

“Together, ACI and KNET have created one of the most secure and future-proof real-time payment systems in the world – one that puts Kuwait at the forefront of the global realtime payments revolution.” ACI Worldwide has a strong track record of powering real-time schemes around the world as well as helping banks, fintechs and other payment service providers in the ecosystem to connect to the schemes and offer new, innovative financial services for consumers and businesses. ACI currently powers 26 domestic and pan-regional real-time schemes across six continents – including 11 central infrastructures. Globally, ACI serves all 10 of the world’s largest financial institutions by asset value and provides solutions that move trillions of dollars through more than one billion transactions daily.

About KNET The Shared Electronic Banking Services Company (KNET), a pioneer in electronic payments in Kuwait, was established in 1992 through a partnership of local banks to connect their systems and enable a wide range of banking services through an advanced network. KNET is committed to adopting state-of-the-art technologies in various fields of electronic banking and payments, adhering to the highest global standards. The company’s targeted sectors include commercial, banking, and governmental sectors in Kuwait.

About ACI Worldwide ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. With 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities.

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World markets mixed, Japan’s shares dip after election leaves Ishiba’s future in doubt

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A person stands near an electronic stock board, left top, showing Japan’s Nikkei index at a securities firm on July 22, in Tokyo. The traffic signs read: No Crossing. (AP)

BANGKOK, July 22, (AP): World shares were mixed on Tuesday after U.S. stock indexes inched to more records at the start of a week of profit updates from big U.S. companies. Germany’s DAX lost 0.5% to 24,186.14 and the CAC 40 in Paris gave up 0.4% to 7,768.46. Britain’s FTSE 100 edged 0.1% lower, to 9,009.34. The futures for the S&P 500 and the Dow Jones Industrial Average were virtually unchanged.

In Asian trading, Japan’s benchmark surged and then fell back as it reopened from a holiday Monday following the ruling coalition’s loss of its upper house majority in Sunday’s election. The Nikkei 225 shed 0.1% to 39,774.92. Analysts said the market initially climbed as investors were relieved that Prime Minister Shigeru Ishiba vowed to stay in office despite the setback

. But the election’s outcome has added to political uncertainty and left his government without the heft needed to push through legislation. A breakthrough in trade talks with the US might win Ishiba a reprieve, but so far there’s been scant sign of progress in negotiating away the threat of higher tariffs on Japan’s exports to the US beginning Aug 1.

“Relief may be fleeting. Ishiba’s claim to leadership now rests on political duct tape, and history isn’t on his side. The last three LDP leaders who lost the upper house didn’t last two months,” Stephen Innes of SPI Asset Management said in a commentary. Elsewhere, Hong Kong’s Hang Seng rose 0.4% to 25,082.78, while the Shanghai Composite index advanced 0.6% to 3,581.86.

South Korea’s Kospi sank 1.3% to 3,169.94, with investors concerned over the Aug. 1 deadline for making a deal with U.S. President Donald Trump or facing 25% tariffs on all the country’s exports to the US. Australia’s S&P/ASX 200 added 0.1% to 8,677.20.

India’s Sensex gained 0.1%, while In Thailand, the SET sank 1.1% after the government named Vitai Ratanakorn as the new future governor of the central bank. He is viewed as likely to be less independent than the current governor, raising concerns about the bank’s independence, analysts said. Vitai will replace Sethaput Suthiwartnarueput, when his term as governor ends in September.  

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MEW gets CAPT approval to link external sites, NDCC

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KUWAIT CITY, July 21: The Ministry of Electricity, Water and Renewable Energy has obtained approval from the Central Agency for Public Tenders (CAPT) to issue a tender for linking the external sites of the ministry with the National Data Control Center (NDCC), say sources from the ministry. Sources indicated that this tender is included in the contracts of the ministry for the current fiscal year and are scheduled to be implemented by the Planning, Training and Information Systems Sector. Sources revealed that the tender is for linking the external branches with the data center in the main ministry building and the NDCC in order to allow the exchange of information and provision of electronic services.

Sources pointed out that “subject to the approval of CAPT, the tender will be announced and a date will be set for specialized companies to submit their bids, select the winning bid and implement the project under the regulations.” Sources added the ministry intends to install five main power transformer stations for the Automobile Circuit Project — Rawda Block Three, Kabd C, cow farms, Sharq Block Four and Al- Arabi Club; in addition to supplying and extending the necessary underground cables to feed the five planned stations through two tenders: the first for the stations and the second for the cables. Sources said the two tenders aim to provide the energy needed to expand the high-voltage and ultra- high-voltage electrical networks resulting from the increased demand for electricity in the aforementioned areas, as well as to provide electricity continuously throughout the day. Moreover, the ministry also confirmed the start of electricity connection in Al-Mutlaa Residential City (N1 District – parts of Block One; in cooperation with the Public Authority for Housing Welfare (PAHW). It reiterated that it is now receiving applications to connect electricity to 251 plots

By Mohammad Ghanem
 Al-Seyassah/Arab Times Staff 

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DGCA of Kuwait and Japan Take Off on a New Chapter of Aviation Cooperation

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DGCA of Kuwait and Japan Take Off on a New Chapter of Aviation Cooperation

Chairman of the Kuwaiti Directorate General of Civil Aviation (DGCA) Sheikh Humoud Mubarak Humoud Al-Sabah receives the Japanese Ambassador to Kuwait Kenichiro Mukai

KUWAIT CITY, July 21: Chairman of the Kuwaiti Directorate General of Civil Aviation (DGCA) Sheikh Humoud Mubarak Humoud Al-Jaber Al- Sabah said Sunday that the DGCA looks forward to promoting cooperation with Japan in civil aviation. Sheikh Humoud made the remarks while welcoming Japanese Ambassador to Kuwait Kenichiro Mukai to discuss bilateral cooperation in the field of civil aviation, the DGCA said in a press release. He underlined the importance of deepening the distinguished ties between both friendly countries, praising Japan’s advanced experience in technology and aviation industry, it said. For his part, the Japanese Ambassador expressed his appreciation to the Kuwaiti official for his hospitality, saying that his country is interested in furthering cooperation with the State of Kuwait in aviation, in a way that contributes to exchanging expertise and achieving integration in the fields that concern both sides. (KUNA)

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