KUWAIT: Weyay Bank, Kuwait's first and rapidly growing digital bank, has joined forces with Mastercard, a global technology company in the payments industry. The strategic partnership aims to introduce pioneering digital banking services to empower Kuwait’ youth by leveraging the expertise and technological innovations from both entities. The partnership marks a significant development for Kuwait’s dynamic digital payments landscape.
The collaboration will enable Weyay Bank to provide its customers with access to Mastercard’s global acceptance network and its suite of digital solutions, including contactless payments, mobile payments, and online transactions. A signing ceremony to mark the partnership was officiated by Salah Al-Fulaij, Chief Executive Officer of National Bank of Kuwait - Kuwait, and Mohamed Al-Othman, Chief Executive Officer, Consumer and Digital Banking Group. Senior representatives from both Weyay Bank and Mastercard were present to mark this significant partnership.
Mohamed Al-Othman, Chief Executive Officer of the Consumer and Digital Banking Group, expressed his enthusiasm regarding the partnership, highlighting the remarkable prospects it presents. He stated, "On this momentous occasion, we are thrilled to partner with Mastercard, as it enables us to deliver exceptional digital banking services that cater to the evolving needs of our customers. By harnessing Mastercard's extensive global network and advanced payment solutions, we can provide our valued customers with both local and international payment services of the highest caliber."
Al-Othman emphasized the partnership's importance, highlighting it as a significant milestone in Kuwait's digital banking transformation. He underscored the joint commitment of both parties to drive innovation and deliver seamless digital banking experiences that successfully cater to the changing financial needs of customers. "Weyay Bank is dedicated to offering a comprehensive and exceptional banking experience specifically designed for its young customers. The bank achieves this vision by understanding their aspirations and tailoring its services to align with their unique personalities and lifestyles,” Al-Othman added.
Khalid Elgibali, Division President, Middle East and North Africa, Mastercard said: "For more than 50 years, Mastercard has been connecting people to the limitless opportunities offered by the digital economy. We are delighted to join forces with Weyay Bank as we empower the next generation with state-of-the-art payment services to allow them to manage their finances safely and responsibly.” Since its establishment in 2022, Weyay Bank has remained committed to realizing NBK’s vision by offering exceptional and personalized digital services to the tech-savvy young generation.
With a deep understanding of the reliance Kuwaiti youth have on technology in their everyday lives, Weyay Bank provides a wide range of banking products and services tailored to their specific needs, including savings pots, digital stores, seamless transfers, budgeting and tracking tools, as well as the added convenience of Apple Pay integration. By providing these diverse offerings, Weyay Bank strives to meet the banking requirements of Kuwaiti youth while aligning with their digital-focused lifestyle.
Furthermore, since its launch, Weyay Bank has experienced significant demand from Generation Z, seeking to open new accounts. The bank's streamlined digital onboarding process allows individuals to open a bank account within minutes, without the requirement of any paperwork. Weyay Bank was honored with the prestigious "Outstanding Innovation in Mobile Banking" Award for 2022 in Global Finance's esteemed Innovators Awards. This recognition highlights Weyay Bank's exceptional accomplishments and groundbreaking advancements in the field of mobile banking and solidifies its position as a trailblazer in the industry.- AFP