Arguably best known for its rich oil reserves, Kuwait is also regarded as a pioneer in the Middle East for arts and popular culture. Beyond this, the country has also engaged in efforts to develop its financial ecosystem and looks to keep up with the levels of development elsewhere.
With the world’s sixth-largest oil reserves, the State of Kuwait has leveraged its resources to become a wealthy nation, with a historical reputation as a regional financial centre. In 2024, its financial system encompasses four main sectors: banking, insurance, other financial institutions, and investment funds, boasting over 100 financial institutions offering a wide array of products and services.
Capital and financial hub
Kuwait City (Ranked 80th globally)
Key economic development strategy
Kuwait Vision 2035
Economic and fintech overview
Banking in Kuwait predominantly focuses on retail business, with personal loans and financing accounting for 40 per cent of total facilities. The country has also fostered the growth of iconic tech companies, exemplified by the success of the delivery app Talabat and the e-commerce platform Boutiqaat.
A significant portion of Kuwait’s population aged above 15 holds accounts with financial institutions, with nearly a quarter possessing credit cards and over a third engaging in online purchases or bill payments. Moreover, an impressive 83 per cent of Kuwaitis express a willingness to embrace fintech solutions.
In a move towards sustainability, the Central Bank of Kuwait (CBK) announced in late 2022 its prioritisation of ESG finance solutions within its regulatory sandbox. This strategic focus aims to encourage the testing of innovative sustainable fintech products and services, fostering the adoption of social and climate-related financial instruments within the Kuwaiti financial system.
Additionally, in 2022, the Competition Protection Authority received requests from three alliances to establish digital banks in Kuwait, involving seven listed companies. Officials have initiated assessments to gauge the potential competitive landscape resulting from these alliances.
Among the notable fintech companies operating in Kuwait are payment service providers like Tap Payments, Myfatoorah, and Ajar Online, reflecting the country’s commitment to embracing innovative financial solutions.
Key organisations
- Central Bank of Kuwait – The country’s central bank
- Kuwait Banking Association – Focuses on member bank coordination and collaboration to resolve any issues
- Capital Markets Authority – The capital markets authority of the country
- Insurance Regulatory Unit – Regulates insurance market activities in a manner that is fair, transparent and competitive
- Kuwait Direct Investment Promotion Authority – Country’s investment promotional agency
Sector breakdown
Timeline of key fintech events in Kuwait
Kuwait’s key statistics
