Kuwait Times, Tuesday, Aug 23, 2022 | Muharram 25, 1444
CMA Kuwait becomes a member of Global Financial Innovation Network
Kuwait:
Kuwait’s Capital Markets Authority
(CMA) has become a member of the Global Financial Innovation Network (GFIN), an
international network that seeks to support financial innovation for the benefit
of consumers, acts as a regulatory tool and focuses on emerging technology.
The Network acts as a monitoring tool and focuses on emerging technology. It
also aims to support financial innovation, and establish a framework for
cooperation between regulatory agencies and relevant institutions that support
innovation to exchange experiences and innovation methodologies. It also seeks
to expand the scope of work of innovation service, product and business
providers at the international level, in addition to sharing knowledge and
policies. The network is committed to providing financial integrity, financial
inclusion and financial stability through innovation in financial services.
The Authority’s accession to the network comes after receiving an invitation
from the former Mayor of the City of London Lord William Russell, and the
British Ambassador to the State of Kuwait, Belinda Lewis, during their visit to
Kuwait in October 2021 to join the network and benefit from its services as the
authority seeks in turn to keep pace with modern innovations in financial
services and technological development, which is rapidly changing the economic
and financial landscape, and adopting technology that matches the requirements
of market development and diversification of its tools, which is one of the most
important objectives of the Authority.
The Authority’s membership within the Global Financial Innovation Network is
consistent with its eleventh strategic objective within its current strategy
(2018 – 2019 / 2022 – 2023), which provides for promoting local, regional and
international cooperation, gaining experience and exchanging information, as
well as enhancing the implementation of the financial technology regulation
project.
The Authority’s next strategy (2023 – 2024 / 2026 – 2027) includes a focus on
adopting innovation and exploiting modern technologies in performing the
Authority’s roles positively on the national economy on the one hand, and the
money market on the other.
The Network was established in January 2019 by a group of financial regulators
and related organizations in the United Kingdom with the aim of creating a
global regulatory environment for innovation, and its membership includes 68
regulatory institutions and seven entities as observers, most notably the World
Bank and the International Monetary Fund (IMF).