Kuwait steadily progressing toward a developed, secure digital environment: Visa official

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.

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Arab Times

10 hours ago

• Arab Times

New regulations for charities

KUWAIT CITY, June 22: The official gazette 'Kuwait Al- Youm' published Decision No. 122/2025 issued by the Minister of Social Affairs, Family and Childhood Affairs, Dr. Amthal Al-Huwailah, concerning the issuance of regulations for charitable foundations, reports Al-Seyassah daily. The regulations include the following provisions: Chapter One - Definitions and General Provisions Article 1: Minister: Minister of Social Affairs Ministry: Ministry of Social Affairs Administration: Department of Charitable Societies and Foundations Law: Law No. 24/1962 regarding clubs and public benefit associations, and its amendments Applicant: Any natural or legal person who submits an application to establish a charitable foundation Foundation: A charitable foundation registered in accordance with the provisions of Law No. 24/1962 and its amendments concerning clubs and public benefit associations Article 2: The founders and members of the Board of Directors of the foundation shall adhere to the provisions of Law No. 24/1962 and its amendments concerning clubs and public benefit associations, as well as its implementing decisions. They must also comply with the Labor Law No. 6/2010 regarding work in the private sector. The Model Bylaws for Charitable Endowments, issued under Ministerial Resolution No. 48/1999, shall serve as a guiding framework. Article 3: Charitable foundations subject to these regulations must comply with all regulatory directives and safety and security procedures issued by the ministry, in coordination with the relevant authorities. Article 4: The applicant is strictly prohibited from engaging in any charitable or social activity unless the foundation is officially declared under the relevant regulations and procedures. Also, the applicant may not enter into any contracts or conduct any transactions on behalf of the foundation before its formal declaration by the ministry. The foundation may not change its location, alter its specifications, or establish a branch without obtaining prior written approval from the ministry. The foundation is obligated not to solicit or invite donations from the public in any form without first securing the ministry's approval. Chapter Two - Provisions and Procedures for Charity Publicity Article 5: The following conditions must be met for the official publicity and registration of a charitable foundation: The number of founders must not be fewer than ten. All founders must be at least 21 years old at the time of submitting the publicity application. Each founder must be a Kuwaiti citizen of good conduct, with no prior conviction of a felony or a misdemeanor involving moral turpitude or dishonesty. Candidates for membership on the charity's Board of Directors must be at least 30 years old at the time of their selection. Security clearance must be obtained, with no security objections to the foundation's publicity. All necessary approvals must be secured from the relevant official authorities for licensing the charity's operation, including from Kuwait Municipality, Kuwait Fire Force, and the Real Estate Registration Department at the Ministry of Justice. The founders or their authorized representatives must submit a bank certificate confirming a deposit of KD 10,000 in the name of the charity at a local bank. Article 6: The procedures for publicizing a charitable foundation shall include the following steps: 1. An application for the publicity of the charitable foundation shall be submitted by the founders or their authorized representatives. The application must include a formal statement expressing the founders' intent to establish and publicize the foundation in accordance with the provisions of the law. 2. The following documents must be attached to the application: Two copies of the foundation's bylaws, prepared in accordance with the model bylaws for charitable foundations. Minutes of the founders' meeting, including the election of the foundation's Board of Directors and an official letter authorizing one of the founders to represent them in all publicity-related procedures. Copies of valid civil ID cards for all founders. 3. Upon completion of the application, the ministry shall coordinate with the Ministry of Interior to obtain security clearance for the founders. 4. The application shall then be submitted to the ministry's Publicity Committee for initial review and approval. 5. The ministry shall contact the relevant government entities - Kuwait Municipality, Kuwait Fire Force, and the Real Estate Registration Department at the Ministry of Justice - to secure the necessary operational licenses and to authenticate the foundation's bylaws. 6. The concerned department in the ministry shall prepare and submit a memorandum to the minister, detailing the charity's registration request and the procedures undertaken, accompanied by a draft ministerial decision for its registration. 7. The registration decision and a summary of the foundation's bylaws shall be published in the official gazette 'Kuwait Al-Youm'. Article 7: Following publication in the official gazette, the charity shall acquire legal personality and shall be authorized to carry out activities in pursuit of its stated objectives. Article 8: The ministry reserves the right to reject the registration of a charity within one month from the date of submission of a complete registration application, provided that the reasons for rejection are clearly stated. The ministry also retains the right to amend the foundation's bylaws. The applicant has the right to appeal the decision of rejection or the proposed amendments to the minister within one month from the date of receiving the notification. Article 9: After the charity is officially publicized, it may commence its operations at its approved headquarters, provided it has obtained all necessary approvals from the relevant authorities. Article 10: The charity must display an identification plate at its approved headquarters, clearly showing the organization's name and the number of the ministerial decision by which it was publicized. Chapter Three - Management of Charitable Endowments Article 11: The endowment shall be managed by a Board of Directors composed of five to nine members, each of whom must be at least 30 years old and hold a university degree or a diploma of no less than two years following high school. Article 12: The Board of Directors shall manage the endowment under the powers and responsibilities outlined in the Model Bylaws for Charitable Endowments and the endowment's own bylaws. Article 13: The Board of Directors is required to submit an annual financial report, certified by the external auditor appointed by the endowment, along with an administrative report detailing the endowment's activities and achievements, to the ministry within the deadlines specified in the bylaws. Article 14: The Board of Directors shall establish regulations governing the endowment's operations, with particular emphasis on financial and administrative regulations. Article 15: The endowment shall open nominations for membership in the Board of Directors for a period of at least 15 days, beginning no less than one month before the end of the current board's term. This announcement shall be posted on the bulletin board at the endowment's headquarters, and registered letters with acknowledgment of receipt shall be sent to members. Article 16: The members of the endowment shall elect the Board of Directors by secret ballot, conducted under the supervision of the current Board of Directors. Article 17: The ministry shall be provided with the list of names of the newly elected Board members, under the above procedures. Chapter Four - Supervision and Oversight Article 18: The ministry shall supervise associations registered under the provisions of the law through employees of the competent administration. These employees have the right to inspect the association at any time without prior notice. They may enter the association's premises and review all records, data, and information related to the association's activities. Article 19: If it is proven that the association has violated any provisions of the law or the related decisions, employees of the competent administration shall have the authority to issue a citation against the association using the designated form. Chapter Five - Penalties Article 20: In addition to the penalties stipulated by the law or any other applicable legislation, if the association violates the provisions of the law or the related decisions, the following measures shall apply: A formal notification of the violation shall be served to the association. If the violation is not rectified within one week of notification, the charity's bank accounts will be suspended and will remain frozen until the violation is corrected. Article 21: The ministry has the right to suspend the charity's registration in the following cases: ■ The charity commits serious violations, persists in violating after the ministry's notification, or repeatedly breaches the law. ■ The charity fails to submit its financial statements and administrative reports for two consecutive years. ■ The charity conceals any financial information or data requested by the ministry, manipulates data, or deliberately provides false information intended to mislead the ministry and obstruct its oversight duties. Article 22: The Council of Ministers may, upon the recommendation of the Minister of Social Affairs, dissolve the charity in any of the following cases: If its membership falls below the minimum number stipulated in Article 5 of this law. If the charity becomes unable to meet its financial obligations. If it violates the provisions of this law or the charity's bylaws, or engages in activities beyond its stated objectives. If it fails to carry out any effective activity to achieve its objectives If dissolution is deemed necessary in the interest of public security or public welfare. Article 23: The Minister of Social Affairs may, by decision, dissolve the charity's Board of Directors and appoint an interim board or director for a specified renewable period. The appointed director shall assume the powers of the Board of Directors in the following cases: 1. Violation of the provisions of this law or the charity's bylaws. 2. If the number of board members is insufficient to hold a valid meeting. 3. If it is necessary to protect the interests of the members or the social objectives of the charity. Article 24: In the event of the association's dissolution, the minister shall issue a decision to form a committee to liquidate its assets, and specify the method of liquidation, the duration of the liquidation process, and the liquidators' fees. The term of the committee may be renewed as necessary until the liquidation is complete. Article 25: Upon completion of liquidation, the association's remaining assets shall revert to the ministry, which will determine the entity to which these assets shall be allocated.

Arab Times

11 hours ago

• Arab Times

Kuwait warned to brace for $100 oil if conflict escalates

KUWAIT CITY, June 22: While the ongoing Israeli-Iranian war has led to a rise in the price of crude oil, several parties expect oil prices to reach $100 if the war escalates and the Strait of Hormuz is closed, but this possibility was ruled out by the experts that the newspaper interviewed recently. Economic expert Salah Al- Jimaz said it is in Iran's interest to continue the passage of oil tankers through the Strait of Hormuz; considering its closure will cause a huge financial loss for Iran, because its tankers pass through the Strait, especially after its oil production in the first quarter of this year reached 3.5 million barrels per day. He pointed out that it is difficult for Iran to sacrifice these revenues, particularly since the current war has cost and will continue to cost it a great deal from the State treasury, and it may suffer an economic decline for several years as a result of the war. He thinks the Iranian-Israeli war could raise oil prices to more than $100 per barrel if Israel targets strategic oil sites or Iranian refineries, or if the Strait of Hormuz is closed. 'However, realistically, Israel and Iran do not want this war to take on economic dimensions that could impact the oil commodity and its prices, because the victims will not only be Iran or Israel, but all other countries throughout the world. If Israel targets Iranian oil sites, this will be a provocation of the entire world,' he explained. He advised the Kuwaiti oil sector to expand oil storage projects near countries that primarily import Kuwaiti oil, especially since the sector has numerous previous experiences in this regard. He stated that in April, the country exported the first shipment of Kuwaiti oil to South Korea under a previous agreement between Kuwait Petroleum Corporation (KPC) and Korea National Oil Company, allowing the storage of four million barrels of Kuwaiti oil. Moreover, economic expert and former advisor to Chevron Dr. Ali Al- Hababi revealed that oil prices have been gradually rising since the beginning of the Iran-Israel war. He stressed the need to take all precautions in light of the war. He warned that attacking the Iranian Bushehr reactor located in Bandar Abbas, which is overlooking the Gulf, will lead to extremely dangerous water pollution, especially since Kuwait and the rest of the Gulf Cooperation Council (GCC) countries depend on its water. He underscored the importance of expanding Kuwaiti storage facilities, in cooperation with the private sector, to ensure adequate water and food supplies for use in such hot conditions. He called on the oil sector to take all the necessary measures if the Strait of Hormuz is closed, as such closure will halt Kuwaiti oil supplies to Asian countries. He added the Red Sea is not safe as well, indicating the regional developments will inevitably lead to a huge increase in oil prices as a result of the dependence of most countries -- including Europe -- on Gulf oil. He cited as evidence the role of Saudi Arabia in the 1973 War when King Faisal made his historic decision to ban the export of oil in the heat of that war, which led to the cessation of the use of cars in Europe and made the residents of European countries return to riding bicycles.