2 January 2023: The Central Bank of Kuwait (CBK) has announced the second group of local banks to join the Gulf Cooperation Council (GCC) Cross-border Payment System (AFAQ) after they have completed all required tests and procedures.

AFAQ aims to develop cross-border payment systems and advanced technologies to enhance efficiency, minimise reliance on financial systems and external payment platforms and reduce cost.

The second group of banks are the National bank of Kuwait, Kuwaiti Finance House, Ahli United Bank, Commercial Bank of Kuwait, Burgan Bank and Kuwait Industrial Bank.

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