Kuwait City, Oct 28: In recognition of its excellence in digital transformation, Kuwait International Bank (KIB) is thrilled to announce it has been recognized in the first-ever Qorus Reinvention Awards – MEA. The Bank’s innovative KIB Aqari, which offers the first-of-its-kind real estate digital platform in Kuwait, has won an award under the “Distribution” category. The Bank received honorable recognition from Qorus, a global association for retail financial institutions, during a live ceremony in Dubai that was attended by innovation leaders from across the region.

Launched in 2023, the Qorus Reinvention Awards - MEA put the spotlight on the institutions that are innovating at scale to shape the future of financial services in the Middle East and Africa region. They are a spin-off of Qorus and Accenture’s long-running Banking Innovation Awards and Innovation in Insurance Awards, which recognize and reward the best and brightest ideas. KIB Aqari was qualified following a stringent evaluation process and a specific set of criteria. The criteria included the uniqueness of the innovation, its potential as a game changer, and its capacity to generate a superior, long-term competitive edge and a significant return on investment.

Commenting on this remarkable achievement, Omar Khalifouh, Executive Manager of Digital Transformation and Innovation at KIB, said: “We are delighted to have been recognized in the first Qorus Reinvention Awards in the MEA region. The prize is a testament to KIB’s unwavering dedication to staying at the forefront of technological advancements, and its continuous efforts to enhance the digital banking experience for its customers.”

“Over the years, KIB has consistently invested in cutting-edge technology and strategic partnerships to streamline its digital services,” he said, shedding light on the different digital platforms KIB offers customers for various needs. Its Corporate Online Banking platform provides all state-of-the-art services and products for corporate customers, while retail customers can always enjoy an on-the-go, easy-to-manage banking experience with the advanced ‘KIB Mobile’ application.

Khalifouh added: “KIB has successfully been facilitating digital channels to provide convenient and secure banking solutions to its customers, allowing them to manage their finances securely and effectively from anywhere, at any time.”

Expressing his delight over this win, Fahad Al Saleh, Manager of the Real Estate Advisory Division and the Product Development and Support Division (PDSD) at KIB's Real Estate Department, said: “The Bank's digital initiatives have not only simplified daily banking tasks but also paved the way for personalized financial advice and tailored product offerings.”

Al Saleh pointed out that KIB Aqari is a one-stop shop for real estate-related needs, and on top of the wide range of distinguished services and solutions it offers is the property appraisal service. This service, launched digitally for the first time in the country, allows platform users to track property appraisal requests and validate appraisals using a QR code. Among KIB Aqari’s other advantages for real estate management are the automated rent collection service, the ability to track the status of late and overdue rent payments, and many other features that ensure the convenience of customers.

“Such efforts contribute to KIB's all-encompassing and forward-thinking digital transformation initiatives, blending the finest elements from both the banking and business realms, ensuring a modern and user-friendly experience for all customers,” Al Saleh said.

It serves to note that Qorus is a global non-profit organization established in 1971 by banks and insurance companies. Headquartered in Paris, Qorus serves financial institutions on all continents, with offices in Andorra, Bangkok, Bratislava, Brussels, Dubai, Istanbul, Kuala Lumpur, London, Milan, Seoul, and Tokyo.

It is also worth noting that KIB remains committed to its mission of being a trailblazer in the banking industry by continuously innovating and adapting to evolving customer needs. The Bank is keen on continuously offering a comprehensive range of innovative banking solutions, as part of its digital transformation strategy, and in line with its main slogan ‘Bank for Life’.