Charles Lobo, Senior Vice President and Regional Risk Officer for CEE, MEA, and Africa at Visa, has commended Kuwait's significant progress in financial technology, stating the country is making steady strides toward establishing a secure and advanced digital ecosystem.

Key Highlights from KUNA Interview:

1. Regulatory Leadership

   • Central Bank of Kuwait (CBK) has implemented effective payment regulations

   • Strict compliance required on governance, risk management, and cybersecurity

   • Digital infrastructure aligns with global best practices

2. Market Growth

   • 92% tokenization adoption (highest in GCC)

   • 99% contactless payment penetration

   • 8 in 10 consumers trust digital payments (per Visa's "Stay Secure" survey)

3. Security Findings

   • 94% of Kuwaiti consumers take payment security measures

   • 53% reject suspicious money transfer requests

   • 40% use SMS transaction alerts

4. Challenges Remain

   • 44% have experienced payment fraud

   • 14% were victims multiple times

5. Strategic Partnerships

   • Visa's $10B global cybersecurity investment

   • Collaboration with CBK and Kuwait Banking Association

   • AI-powered fraud detection systems implemented

Executive Commentary:
"Kuwait's digital payment infrastructure now leads the region, with consumer trust driving remarkable adoption rates. Our survey shows tokenization and contactless payments have become nearly universal," noted Lobo. "While challenges persist, the regulatory framework and public-private cooperation position Kuwait for continued fintech leadership."

Technology Focus

• Cybersource platform preventing $650M in fraud annually

• Digital wallet and seamless payment adoption accelerating

• Multi-factor authentication preferred by 91% of consumers