Burgan Bank adopts GCC real time payments system AFAQ
KUWAIT: Burgan Bank announced adopting the GCC real-time payments system AFAQ, becoming one of the earliest Kuwaiti banks to join the cross-border platform in line with the Central Bank of Kuwait’s (CBK) plans to keep pace with the latest developments in financial technology (fintech).
Plugging into the AFAQ system comes as part of the Bank’s committed digital transformation strategy, which aims to enhance its customers’ banking experience and add unprecedented convenience, safety, and speed to their everyday transactions and banking operations. Burgan customers can now utilize the AFAQ service through direct digital channels, online banking and the Bank’s branches.
In light of Burgan’s adoption of AFAQ, Mohammad Al-Zayed, General Manager – Operations at Burgan Bank, said: “For several years, we have worked tirelessly to reinforce Burgan’s digital infrastructure, which continues to support the ever-evolving, comprehensive, intuitive, and completely secure digital banking experience that we offer our customers. Today, we are delighted to join more than 60 central, domestic, and international banks across the GCC by deploying the AFAQ payments system, guaranteeing a swift and secure real-time money transfer experience in any of the GCC currencies for all our customers – and at a lower cost than ever before.”
Al-Zayed added that AFAQ is a vital tool for increasing the flow of cross-border trade in the GCC and driving Kuwaiti banks’ regional expansion, which aligns with the New Kuwait Vision 2035 goal of economic diversification. It also creates stronger economic ties among neighboring GCC countries, leading to stronger interconnected economies with integrated financial policies and monetary strategies.
Guided by its vision to become the most modern and progressive bank in Kuwait by delivering an excellent customer experience and leading with innovation, Burgan Bank continues to adopt the latest financial technology (fintech) solutions and adjust them to suit the Kuwaiti market’s unique and evolving needs. The bank’s most recently deployed fin-tech solutions include a wide range of digital payment solutions, such as eco-friendly virtual cards in addition to Google and Apple Pay which customers can choose as bank-supported payment options on checkout.
Burgan Bank also adopted the latest innovations that allow customers to open numerous Burgan accounts in less than a minute, followed by SMS or online onboarding that enables customers to enjoy the vast array of account benefits in the easiest and fastest manner possible.
