In his speech, Dr. Al-Hashel said, “Today, I would like to touch upon two major forces that have swept across the financial world. First is the tech-driven revolution, which has brought its own set of risks and rewards. Second is the wide range of measures that have been introduced to strengthen the resilience of our banking systems.”
INNOVATION IN BANKING TECHNOLOGIES
On the opportunities and risks of innovation, he said, “Tech-driven innovations have unleashed drastic changes in the way we conduct business, interact with each other, or consume various products and services. Financial sector, essentially an ‘information industry’, is experiencing a major transformation, fuelled by advances in technology.”
He noted that technology is supporting the outreach of formal financial services to the millions of otherwise unbanked customers, saying that ‘digitalization offers an unprecedented opportunity to improve access to finance to the millions of people who have remained financially excluded so far’.
For more on this story visit the following link: Central Bank of Kuwait Governor highlights fintech, regulatory risks
Source: CPI Financial