Kuwait, 17 December 2025: Kuwait International Bank (KIB) and Al Muzaini Exchange announced the signing of a strategic partnership agreement to launch a new program for Al Muzaini’s multi-currency prepaid cards, along with the development of a specialized branded digital application, all under the ‘BIN’ program sponsored by KIB.
The announcement was made during a recently held press conference as part of KIB’s ongoing efforts to drive digital innovation and expand the Banking as a Service (BaaS) model in Kuwait, keeping pace with rapid developments in the fintech sector and meeting the growing demand for secure, modern payment solutions.
Under this partnership, Al Muzaini Exchange customers will be able to obtain fully branded multi-currency prepaid cards designed to offer greater convenience and flexibility for payments both within Kuwait and abroad. Customers will also benefit from a seamless digital experience through a new KIB-powered application that enables them to manage their cards with ease and efficiency.
Commenting on the agreement, Mohamed El-Shareef, General Manager of the Digital Innovation and Data Intelligence Department at KIB, said: “This partnership stems from the shared vision of KIB and Al Muzaini to develop innovative financial solutions that address customer needs and keep pace with the demands of digital transformation. It also embodies KIB’s ability to transform visions and ideas into ready-to-use digital products through an integrated operational system within the Bank, ensuring the readiness of the organizational infrastructure, the continuous updating of procedures and effective coordination of the launch phases to deliver a seamless digital experience for customers.”
He added: “This initiative falls under KIB’s strategic growth plan as one of its pillars, since it focuses on providing unconventional digital solutions based on a digital-first approach, while leveraging the Bank’s advanced infrastructure to enable and accelerate financial innovation and support digital transformation in a sustainable manner.”
El-Shareef said: ‘The service is currently in the trial phase and will be launched to customers in the first quarter of 2026, offering a unique experience that enriches customer engagement. We are proud to support this project, which reflects our commitment to empowering institutions to deliver integrated digital financial services that enhance the user experience and reinforce Kuwait’s position as an advanced financial hub.”
On his part, Fahad Al-Bader, General Manager of the Operations Department at KIB, said: “This project represents a practical model of how ideas can be transformed into turnkey products through an integrated operational system within the bank, ensuring the readiness of the organizational structure, updating procedures, ensuring efficient and effective operational performance, while delivering an exceptional customer experience and maintaining risk at the lowest possible levels from day one. We consider this collaboration with Al Muzaini as evidence of KIB’s ability to execute complex projects swiftly and efficiently, and to translate them into tangible services that add value to the market.”
From his side, Hugh Fernandes, General Manager of Al Muzaini Exchange, said: “This partnership with KIB marks a significant milestone in our ongoing efforts to deliver more advanced and innovative financial services. Together with the Bank’s team, we have developed an integrated product that offers our customers modern payment solutions distinguished by flexibility, security, and ease of use, whether in Kuwait or abroad. At Al Muzaini, we believe the future of the exchange sector rests on digital transformation, and this agreement reflects our commitment to providing digital products that meet the needs of our diverse customer base and align with their expectations.”
He added: “We look forward to this program serving as a transformative step in enhancing our users’ payment experience, while strengthening our ability to introduce innovative solutions that reinforce Al Muzaini’s standing as one of Kuwait’s leading providers of exchange and money transfer services.”
It is worth noting that this agreement marks another milestone in KIB’s journey to reinforce its leading role in providing BaaS services in the Kuwaiti market and to support its partners in launching innovative financial products that contribute to advancing Kuwait’s digital economy.