As part of the joint collaboration between the Commercial Bank of Kuwait and Zain, the leading digital service provider in Kuwait, the two companies signed a Memorandum of Understanding (MoU) through which Zain will offer CBK the latest cloud solutions, data center services, and the most advanced security solutions to drive the bank’s digital transformation efforts.
The MoU signing ceremony was held at CBK’s main headquarters in Kuwait City in the presence of CBK Chairman Sheikh Ahmad Duaij Jaber Al Sabah; Zain Vice-Chairman and Group CEO Bader Nasser Al-Kharafi; CBK CEO Elham Yousry Mahfouz, Zain Kuwait CEO Eaman Al Roudhan, as well as the executive management teams from both companies.
As part of the MoU, Zain will offer innovative cloud solutions to revamp CBK’s integrated digital infrastructure. The solutions include Zain Business Data Center (ZBDC) services such as data storage and industry-leading security and connectivity. The agreement also includes network cabling and management services, connectivity, CCTV, service management, and more.
Zain Vice-Chairman and Group CEO Bader Nasser Al-Kharafi said “We applaud CBK, a well-regarded and successful entity in Kuwait, for proactively assessing its transformation roadmap to digitization and are honored to enter this milestone MoU with them. Storing digital assets securely and efficiently is becoming a key differentiator to businesses in general, and financial services institutions in particular, and it is important we have robust systems in place to be able to store, access, retrieve and restore data.”
On his part, Sheikh Ahmad Duaij Al Sabah, Chairman, Commercial Bank of Kuwait said: “we are proud to sign this Memorandum of Understanding where Zain will provide the Bank with innovative cloud solutions, Zain Business Data Center’s services and information security solutions. This partnership reflects the Bank’s efforts towards digital transformation and the employment of sophisticated technology systems with a view to keep up with the latest digital innovation technologies”.
“Given the digital transformation seen in the banking industry and accelerating technological advancement, the Bank endeavors to cooperate and partner with digital service and solution providers in Kuwait, particularly Zain – the leading IT solution, communication and cloud computing provider,” stated Sheikh Ahmad.
Sheikh Ahmad further explained that banks endeavor to leverage their technology platforms through capitalization on Online Banking and Mobile Banking to enhance their digital presence, stressing that this mutual cooperation between the Bank and Zain will contribute in improving the Bank’s digital infrastructure.
Sheikh Ahmad emphasized that developing the banking services through employing the latest digital technologies shall reflect positively on our customer base on one hand and on the service & product offering to our retail and corporate customers in such a way that would satisfy their ambitions and live up to their expectations and cope with the advanced services offered by banks over the globe.
It is worth noting that the innovative cloud solutions and Zain Business Data Center services are a vital tool towards digital transformation to boost the Bank’s efforts towards Hi-Tech Banking & digital innovation without compromising on the security and confidentiality of information.