Written by Ibrahim Sattout and Hussein Azmy

The Central Bank of Kuwait recently issued Resolution No. 45/471/2023 regulating e-payment services, which represents an important regulatory development for market players in Kuwait’s financial sector, including banks, credit card companies and e-payment service providers.

The providers of buy now, pay later (BNPL) services, which were formerly covered under the Central Bank of Kuwait’s regulatory sandbox framework as an innovative financial service, will now need to meet the new regulatory requirements set out in Resolution No. 45/471/2023 for carrying out their activities in Kuwait.

HOW ASAR CAN ASSIST

ASAR can advise you on the implementation of this new resolution and what has been changed in comparison to the former resolution of 2018. Our team can also assist investors interested in incorporating and licensing e-payment service providers in Kuwait, as well as advise existing e-payment service providers on how to achieve regulatory compliance with any new or altered regulatory requirements under this resolution.

To find out more on the new resolution or coordinate legal counsel, contact us on +965 22400061/2/3 or email: asar@asarlegal.com .