Esam AlKheshnam

KNET has been proactive in adapting to rapid technological advancements, positioning itself as a cornerstone for electronic payments in Kuwait.

How has KNET been adapting to rapid advancements in technology in recent years?

KNET occupies a pivotal role within the financial services sector as the primary facilitator of electronic payments within Kuwait. Positioned centrally, the organization serves as a cornerstone for seamless and efficient payment transactions, playing a vital role in shaping the landscape of digital payments in the country. KNET’s dedication to leveraging advanced technology, maintaining compliance with security standards, and implementing comprehensive security measures positions it as a provider of a secure and reliable payment infrastructure in the market. Furthermore, KNET prioritizes uninterrupted services by ensuring high system uptime, recognizing the importance of continuous accessibility for customers and the overall resilience of the payment ecosystem. KNET’s strategic framework is crafted to guarantee not only the utmost security and reliability but also high availability. This approach aligns with the organization’s commitment to continuous innovation, illustrated by the upcoming introduction of Instant Payments, further enhancing the speed and efficiency of financial transactions.

Can you elaborate more on the SoftPOS app?

Prior to the introduction of the SoftPOS app, merchants were required to request dedicated payment terminals; however, with SoftPOS, any merchant with an Android device can seamlessly transform it into a versatile SoftPOS or payment terminal. This innovation has significantly transformed traditional business practices, offering an efficient, convenient, and rapid payment solution. SoftPOS stands out as a cost-effective tool, playing a pivotal role in enhancing financial inclusion and reducing reliance on cash transactions. This technology presents a particularly advantageous proposition for merchants, especially small and macro businesses as it eliminates the need for physical POS terminals, and the inconvenience associated with traditional POS setups and maintenance. SoftPOS also contributes to environmental sustainability by eliminating paper receipts. Looking ahead, the availability of software development kit (SDK), will enable seamless expansion of this service across Kuwait.

How does KNET support business and IT security in these new forms of transactions?

Ensuring security resilience is our priority at KNET. Through strategic investments, we make sure our systems and infrastructure are backed up by dedicated IT and business security teams. Our commitment to excellence is underscored by industry-certified practices, including ISO 27001, ISO 27701, PCI DSS, and strict adherence to the Central Bank of Kuwait’s Cybersecurity Framework.

How do you approach innovation at KNET?

At KNET, innovation is deeply embedded in our culture, guided by the key principles of: cross-functional collaboration, agile methodology, investment in research and development, continuous training and skill development, and market dynamics awareness. By embracing these principles, we aim to lead the industry and deliver cutting-edge solutions to Kuwait’s payment ecosystem.

What are the company’s plans for growth expansion and launching new tools?

KNET is proud to announce the launch of Kuwait’s first-ever instant payment platform, marking a transformative milestone in domestic fund transfers. The introduction of instant payment not only supports economic growth but also offers potential solutions such as electronic bill settlement and recurring payments. Looking ahead, KNET envisions extending this platform beyond national borders, fostering agreements across the GCC and partnerships with major global players such as China and India. Meanwhile, KNET is actively broadening solutions for enhanced financial inclusion. Through strategic government collaborations, such as the TASDEED program, we aim to streamline electronic payments in government for cost savings, efficiency and speed purposes, enabling the government position itself for a more efficient public service delivery. As we advance, cybersecurity remains a paramount focus for KNET. In addition to providing fraud detection and prevention services to banks, our future plans involve expanding these services while embracing an open banking framework. The wealth of data at our disposal will be harnessed through advanced analytics and big data strategies, ensuring that KNET delivers unparalleled services to our stakeholders and regulators alike. This data-driven approach not only enriches our services but also presents valuable opportunities for payment service providers in strategically marketing their products.