The Central Bank of Kuwait (CBK) has amended the registered business activities of the Joint Automated Banking Services Company (KNET), adding four activities to its entry in the register of providers of electronic payment and electronic money services and operators of electronic payment systems.
The newly added activities include buying and selling land and real estate exclusively for the company’s own account; owning real estate and movable assets for its own benefit; printing postage or financial stamps and banknotes for the State, as well as cheques and ownership documents; and collecting and delivering money and other valuables.
At the same time, the Central Bank removed electronic bill collection, including collection through direct point-of-sale (POS) devices, from KNET’s registered activities.
The amendment updates the range of activities recorded under KNET’s regulatory registration, adding property-related, printing and valuables-handling activities while removing the specified bill-collection service.