Kuwait has resumed issuing licenses for prize attracts linked to financial institution accounts and monetary merchandise, following the completion of an up to date governance framework by the Central Financial institution of Kuwait.
The Ministry of Commerce and Business has mentioned the transfer comes after coordination between regulators to strengthen oversight and guarantee transparency in promotional attracts provided by banks and different licensed entities.
Marwa Al Jaidan, Performing Undersecretary on the ministry, acknowledged that the ministry’s function is proscribed to granting licenses, whereas accountability for the conduct and outcomes of the attracts rests with the licensed organizations themselves, beneath the supervision of related regulatory our bodies.
Chatting with the state-run Kuwait Information Company (KUNA), Al Jaidan mentioned the Central Financial institution of Kuwait and the Kuwait Banking Affiliation had labored collectively to develop a unified governance and auditing framework. The system is meant to ensure equity, transparency and integrity within the distribution of prizes.
She added that the up to date framework supplies clear oversight mechanisms for licensed attracts, reinforcing confidence within the course of and supporting regulatory compliance throughout the banking sector.
Kuwait to Introduce AI-Powered Monitoring System for Transport
Kuwait: Assistant Director Basic for Coordination and Schooling on the Basic Site visitors Division, Kuwait, Brigadier Basic Khaled Al-Adwani has introduced that the digital monitoring system for taxis, ride-hailing providers, automobile leases and public transportation shall be applied quickly.
The initiative aligns with Kuwait’s 2035 imaginative and prescient to reinforce transportation infrastructure and develop sensible providers throughout the nation.
Brigadier Basic Khaled Al-Adwani has revealed the plans at a press convention concerning the Nationwide Discussion board for Transportation and Good Providers, which was organized in cooperation with the Basic Site visitors Division with representatives of the personal sector in attendance.
