Boubyan Bank and Mastercard Partner to Support Kuwait’s FinTech Ecosystem

Saleh Al Mansour: 

• The Agreement Reinforces a Shared Approach with Mastercard to Developing Future-Ready Solutions for Financial Services and Digital Payments 
• We Continue to Build an Integrated Ecosystem to Equip Fin-Tech Companies with the Tools They Need to Develop Solutions and Bring Them to Market

 Mark Elliott:

• Kuwait’s Advancing Digital Infrastructure and Growing Adoption of Digital Payments Create New Opportunities for FinTech Innovation
• We Aim to Share our Knowledge in Payment Technologies to Support the Development of Fintech Solutions, Strengthening Commerce and Helping People and Businesses Realize their Potential

Boubyan Bank and Mastercard have signed a new agreement to empower FinTech companies as part of their strategic collaboration, reflecting their shared commitment to supporting innovation and contributing to the growth of Kuwait’s FinTech ecosystem.

The agreement enables both parties to explore new opportunities for collaboration and implement innovative solutions, drawing on Boubyan’s advanced banking infrastructure and operational and regulatory expertise, alongside Mastercard’s global network and technological capabilities in payments. This will enhance the efficiency of digital financial services and support smoother, more secure customer experiences.

The agreement was signed in the presence of Boubyan Bank’s CEO - Consumer, Private, and Digital Banking, Mr. Abdullah Al-Tuwaijri, and Mastercard’s Division President for East Arabia, Mr. Mark Elliott, alongside a number of the bank’s senior executives and Mastercard’s representatives.

A Partnership Supporting Innovation

Commenting on the agreement, Mr. Saleh Al Mansour, General Manager - Retail Products & Business Performance at Boubyan Bank, said: “This agreement demonstrates the importance of the ongoing collaboration between Boubyan and Mastercard. It reflects our shared vision for the future of financial services and digital payments, and enables both parties to leverage their expertise to drive innovation and contribute to the development of Kuwait’s financial and technology sectors.”

He added: “Supporting FinTech companies is a key pillar of Boubyan’s approach. We help them transform their ideas into viable, scalable solutions and support them at every stage of launch and expansion.” 

An Integrated Banking Infrastructure

Al Mansour explained: “Eligible technology companies can benefit from Boubyan Bank’s ‘Banking as a Service (BaaS) program’, enabling them to develop more efficient products at a faster pace and focus more closely on improving the quality of their solutions and user experiences, within a framework that ensures the highest standards of governance, security, and regulatory compliance.”

The solutions available under the program cover BIN Sponsorship, which supports the addition of bank cards to digital wallets and enables companies to issue their own card and payment products; ATM as a Service, which allows digital wallet users to make cardless cash withdrawals through connectivity to Boubyan’s ATM network; and Virtual IBAN, which enables users to receive bank transfers directly into their digital wallets. 

He noted that the “Empower by Boubyan” initiative is another example of the bank’s role in supporting technology companies, helping them prepare for expansion and strengthen their market presence.

Al Mansour affirmed: "These models embody Boubyan’s vision of building an integrated technology ecosystem that supports FinTech companies at every stage of their development, strengthening Kuwait’s position in the digital economy. The bank continues to expand its partnerships with leading international institutions to keep pace with rapid changes in the banking and financial services industry and prepare the local market for the next phase."

Global Expertise

Mark Elliott, Division President for East Arabia at Mastercard, said: “Kuwait’s advancing digital infrastructure and growing adoption of digital payments are creating new opportunities for fintech innovation. Our collaboration with Boubyan reflects a shared ambition to support this progress and strengthen the role of fintech in the country’s digital economy.”   

He added: “Mastercard brings experience from across the payments sector, including insights into how payment technologies, standards, and customer expectations are evolving. Through this collaboration, we aim  to share that knowledge to support the development of fintech solutions that strengthen commerce and help more people and businesses realize their potential.”