Majid Osman

Kuwait: Kuwait’s Capital Market Authority (CMA) is a member of the Global Financial Innovation Network (GFIN), an international network that supports financial innovation for the benefit of consumers, serves as a regulatory tool and focuses on emerging technologies. became.

The network serves as a monitoring tool and focuses on emerging technologies. It also aims to support financial innovation and establish a framework for cooperation between regulators and relevant institutions supporting innovation to exchange experiences and innovation methodologies. In addition to sharing knowledge and policies, we also aim to expand the scope of our providers of innovation services, products and businesses on an international level. The network is committed to providing financial integrity, financial inclusion and financial stability through financial services innovation.

The Authority’s accession to the network follows an invitation to join the network by former Lord Mayor of London Sir William Russell and British Ambassador to Kuwait, Belinda Lewis, during their visit to Kuwait in October 2021. Realized. As authorities seek to keep abreast of the latest innovations in financial services and technological developments, rapidly changing economic and financial conditions, and adopt technologies that meet the requirements of market developments and the diversification of their tools. , benefiting from its services. One of the most important objectives of the Authority.

The Authority’s membership within the Global Financial Innovation Network is in line with the 11th strategic objective within the current strategy (2018 – 2019 / 2022 – 2023) to promote local, regional and international cooperation, gain experience, Strengthen information exchange and implementation of financial technology regulation projects.

The next strategy for the authorities (2023-2024/2026-2027) will involve embracing innovation in carrying out its role proactively towards the national economy on the one hand and financial markets on the other. , with a focus on leveraging the latest technology.

The network was established in January 2019 by a group of UK financial regulators and related organizations with the aim of creating a global regulatory environment for innovation. Its members include 68 regulatory bodies and he seven bodies as observers. and the International Monetary Fund (IMF).

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