Intellect Global Transaction Banking (iGTB), the transaction banking specialist from
Intellect Design Arena Limited has announced that Kuwait-headquartered Boubyan Bank has signed a major transformative deal with iGTB.
Boubyan Bank will be one of the first banks in Kuwait to undertake a comprehensive digital transaction banking implementation to digitize and streamline Islamic transaction banking. For iGTB, this deal marks the third key digital transformation customer in Kuwait.
With the adoption of new digital technologies including AI and Cloud and the rising digital transformation across the region, Kuwait’s Vision 2035 “New Kuwait” sets the vision for the country to become an international trade hub regionally and to stand out as a leader in digital technological innovations in the GCC region.
Boubyan Bank is currently implementing its third five-year strategy “Boubyan 2023”, which builds on the group’s robust domestic foundations and strengthening international presence. The focus will be to upgrade product portfolio, focus on target customer segments, enhance digital proposition.
Most Islamic banks across the wider GCC region are behind the global digital curve in terms of the digital products and services being offered to customers. Boubyan Bank aims to propel Islamic digital corporate banking towards a more innovative future where the priority is customer convenience on an international scale. This strategic investment meeting the diverse and advanced needs of corporate & SME customers, will re-affirm Boubyan Bank's superior position as a leading digital Islamic bank in the region.
According to Abdul-Salam Mohammed Al-Saleh, Chief Executive Officer - Corporate Banking, Financial Control, Treasury and Legal Affairs, Boubyan Bank, “Digitization will enable our customers in the region to open and enjoy the benefits modern digital transaction banking & cash management in the knowledge that it also meets their Sharia principles and beliefs.”
He added, “We at Boubyan Bank have always been focused on strengthening our digital infrastructure to drive customer excellence initiatives. Harnessing digital innovation and being customer centric are the main pillars of the bank’s five-year strategy – Boubyan 2023. This partnership with iGTB will help us achieve our strategic goal and expand beyond the Kuwait market.”
According to Ashraf Abdallah Sewilam, Group General Manager - Corporate Banking Group, Boubyan Bank, “Innovation and creativity is the key to our success strategy. Adapting agile methodology and delivering a number of ‘First-in-Kuwait’ products for our customers, we are advancing the banking industry in Kuwait and delighting our customers with new, advanced and easy to use products.”
At around 2:20 PM, Intellect Design Arena was trading at Rs705.20 apiece up by Rs10.4 or 1.5% on the BSE.
