NBK launches Weyay, the first digital bank in Kuwait

The National Bank of Kuwait has launched a digital bank called “Weyay” that will operate under its umbrella and will have its own budget, the bank’s CEO Salah Al-Fulaij said in an interview with CNBC Arabia.

Weyay will be aimed at Kuwait’s large young cohort - two-thirds of the country’s population are under 34 and Kuwait has one of the highest smartphone and internet penetration rates in the world.

Commenting on the launch, Shaikha Al-Bahar, NBK Group Deputy CEO stated: “Digital banks are the new normal course and are the new generation of transformations in the banking industry, especially in view of customers’ increasing reliability on digital services and financial apps provided by fintech, telecoms companies and some of the world’s leading technological corporates.”

The bank is currently in beta mode ahead of a full launch. Account opening will be fully digital. Customers will be able choose the colour of their cards and can use them immediately. The bank is also promising innovation around money transfers. For security it will harness biometrics such as facial recognition.