ePayments and eSettlements License in Kuwait
Providing safe and efficient electronic financial services for users is one of the key priorities for financial institutions. In the light of ensuring the quality of the financial services provided and regulating electronic payments, CBK has issued Resolution No. 44/430 of 2018, specifying a clear set of guidance to regulate the electronic payments (ePayment) activity in a secure and sustainable manner, protecting all parties without interfering with Law No. 106 of 2013, on Money Laundering and Terrorism Funding or Law No. 20 of 2014 on Electronic Transactions.
What is ePayments and eSettlements License?
In Kuwait, the Ministry of Commerce and Industry grants ePayments and eSettlements License for financial institutions approved by CBK and following CBK guidance regulating electronic payment gateway.
The license is only given if the companies satisfy all CBK’s rigorous requirements.
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Companies that Needs to Obtain the License
- ePayments and settlements system service providers
- Service providers’ agents
- Fintech businesses
Benefits of Obtaining the License to Service Providers
- Strengthening companies’ opportunity in growth and expansion
- Providing better services under CBK
- Offering secured products and services
- Protecting the rights of the companies and the users of their services
- Achieving a fair competition in the market
The list of parties benefiting from this license does not end at financial institutions but also includes agents of service providers from merchandisers and payment card holders who benefit from dealing with a licensed company compared to a non-licensed one.
Benefits of Obtaining the License to Merchandisers and Individuals (Payment cards holders)
- Being able to trust the licensed service provider working under CBK.
- Ensuring a better service with higher quality as a result of the CBK supervision.
- Maintaining their rights and ensuring professional problem solving as a mandatory prerequisite from CBK.
- Ensuring that the licensed service providers are subject to periodical audit and so, rest assured when it comes to activity of the licensed service provider and where the paid money go to.
UPayments is the First Licensed Service Provider for ePayments and Settlements in Kuwait.
UPayments succeeded in obtaining the first license for Electronic Payments from Ministry of Commerce and Industry in Kuwait by virtue of a Resolution issued from CBK, which is considered a crowning achievement to the tireless efforts of the company in the continuous development of information security softwares and internal regulations. It is considered as a result of perseverance and team work, and a motivation to achieve further success and continue to be a pioneer in fintech field.
UPayments is proud and honored to be the first agent to obtain this license, and we hold the responsibility greatly to pave the way to similar companies wanting to obtain the EPA license.