National Bank of Kuwait (NBK) has 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 Mohammed Al Kharafi, COO, Head of Group Operations and Information Technology at National Bank of Kuwait, and Duaij Al-Saleh, CEO of Kuwait Clearing Company, at NBK Headquarters in the presence of executives from both parties.

It aims to enhance cooperation in developing electronic services, in a way that helps speed up operations and minimise associated risks, in addition to automating the services provided each party to the other.

This cooperation between NBK and KCC will improve the services provided to the public

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.

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

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. 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.”

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