24/02/2025
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24/02/2025
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KUWAIT CITY, Feb 24: In a new step that is the first of its kind towards enhancing digital financing in the banking sector, Weyay Bank announces the launch of fully digital loans with the highest standards of speed and security and the aim of expanding the scope of the Bank’s services to meet the requirements of customers from different segments. This step comes in line with Kuwait 2035 Vision, which aims to transform Kuwait into a financial and trade hub regionally and internationally through digital transformation. This transformation supports innovative digital initiatives in various sectors, which contribute to developing the digital infrastructure and expanding the use of modern technologies to facilitate people’s lives and achieve sustainable development.
This unprecedented step also enhances the vision of the Central Bank of Kuwait, which plays a pivotal role in supporting digital transformation in the Kuwaiti banking sector by implementing legislation and visions that support digital innovation, as it seeks to develop a banking environment based on modern technology, such as developing digital systems for processing payments, transfers, and other services.
With the launch of digital loans, Weyay Bank customers, for the first time in Kuwait can enjoy an end-to-end digital loan experience that redefines convenience, transparency, and control for customers. Designed for the digital-first generation, this seamless loan journey empowers users to apply, track, and manage their loans effortlessly through the Weyay app.
What makes this launch further innovative is that the loan applications submitted through the Weyay app are linked to the Credit Information Network (CiNet), for the first time in Kuwait, to provide an instant and secure loan process. This link to CiNet allows the borrower’s credit data to be verified and the accuracy and reliability of their financial information to be ensured, which can only happen after obtaining the borrower’s approval that is also done digitally via the “Kuwait Mobile ID” app. This all together accelerates the approval process, enhances transparency, and reduces the risks associated with loans.
The main features of Weyay Bank’s digital loans:
A Smarter Way to Borrow: With a state-of-the-art loan calculator, customers can personalize their loan experience from the very first step. The Apply stage enables users to:
•tObtain CINET consent digitally, ensuring a fully paperless process.
•tInstantly check their actual loan eligibility based on salary and liabilities.
•tCustomize their loan amount and repayment plan through an intuitive calculator that provides real-time insights.
Real-Time Tracking and Digital Contract Signing: The Track stage gives customers full visibility over their loan’s progress, eliminating uncertainty. Through the Weyay app, users can:
•tMonitor their loan status throughout the underwriting process.
•tAccess and review loan contracts in one place.
•tSign their loan agreement digitally via Kuwait Mobile ID, ensuring a secure and hassle-free process.
Complete Management at Your Fingertips: once the loan is approved and funded, customers can take full control in the Manage stage. A user-friendly payment calendar offers complete transparency, allowing users to:
•tTrack all payments made towards their loan.
•tView upcoming installment due dates.
•tStay informed with a clear, structured repayment plan.
“The launch of our digital loans underscores our dedication to creating innovative financial solutions that empower our customers to achieve their goals. Recognizing that our customers require banking services that align with their digital lifestyle, Weyay Bank is committed to offering modern, advanced banking options that cater to these evolving needs,” said Mohammad Al-Hunaidi, Product Owner at Weyay Bank.
These loans also play a key role in boosting the national economy by encouraging customers to manage their financial lives more effectively. By enhancing their financial capabilities, Weyay Bank helps promote financial inclusion and stimulate both investment and economic growth.
Weyay Bank is leading the way in banking innovation in Kuwait, offering a digital experience that not only meets the needs of customers who seek to keep up with the latest, but also those who seek efficiency, flexibility and simplicity. As more than just a financial institution, Weyay Bank plays an active role in enabling the digital lifestyle and remains committed to shaping the future of banking in Kuwait.
