Kuwait City, June 30: National Bank of Kuwait (NBK) signed a strategic memorandum of understanding with Kuwait Clearing Company (KCC) to develop the banking services provided by the bank in cooperation with the company.

The MoU was signed by Mr. Mohammed Al Kharafi, COO – Head of Group Operations and Information Technology at National Bank of Kuwait, and Mr. Duaij Al-Saleh, CEO of Kuwait Clearing Company, at NBK Headquarters in the presence of executives from both parties. It aims to further enhance mutual cooperation in developing electronic services, in a way that helps speed up operations and minimize associated risks, in addition to automating the services provided each party to the other.

This strategic cooperation between NBK and KCC would pave the way for future projects that help facilitate joint work and improve the services provided to the public. According to the MoU, NBK and KCC will hold periodic meetings to discuss business development opportunities through the exchange of technical expertise regarding the services provided between the two parties, and joint work to develop systems and prepare for related periodic tests, in a way that complies with regulatory requirements.

It is worth mentioning that NBK has successfully passed all the previous tests and is prepared for the upcoming ones related to Central Counterparty Project (CCP), which is considered one of key upcoming strategic projects that will make a qualitative shift in Boursa Kuwait by developing its performance, as well as upgrading clearing and settlement operations to meet international standards, which will reflect positively on the Kuwaiti economy in general.

Under the MoU, NBK and KCC will discuss automating daily reports to minimize manual entry risks and save time and effort, in addition to mutual coordination in training and familiarizing employees with the latest practical and technical developments, thus ensuring having highly up-to-date information.

On this occasion, Mr. Mohammed Al Kharafi, COO – Head of Group Operations and Information Technology at National Bank of Kuwait, stated: “Through this MoU, we seek to foster fruitful cooperation with KCC, with a focus on training, automation of daily operations, and working together to develop the related daily routine steps, in a way that streamlines operations and speeds up execution.”

 “At NBK, we are proud of our relationship with KCC, and the signing of this MoU aims to enhance banking services provided in cooperation with the company,” added Al-Kharafi. “One of the key services provided by the bank in this regard is e-Dividends allowing NBK shareholders to receive the dividend payments electronically, without the hassle to visit KCC Headquarters to receive checks, thus saving their time and effort,” he added.

Al-Kharafi stressed NBK’s dedication to providing the best digital banking solutions, while always striving to develop these solutions to keep pace with the rapid technological advancements in the banking sector, in order to deliver an integrated banking experience and exceptional services in cooperation with various public and private institutions.

On his part, Mr. Duaij Al-Saleh, CEO of Kuwait Clearing Company, said: “We are happy to sign this MoU with NBK, which is a key step in fostering mutual cooperation.”

Al-Saleh extended thanks to NBK for close cooperation and continued support in exchanging experience and knowledge with KCC, adding that “this memorandum reflects our joint dedication to upgrading financial services, which serves the interests of all parties.”