KIB Partners with Mobiquity to Build a New Digital-Focused Bank for Retail and Corporate Customers

By FF Newsroom · 5 May 2021

Mobiquity, a full-service digital transformation enabler, announced its partnership with Kuwait International Bank (KIB), a collaboration designed to support the Bank’s ambition of becoming a leading digital-centric Islamic bank.

Through this collaboration, KIB is harnessing Mobiquity’s team of A-list talent – which includes strategy, design, and engineering capabilities – to help build a new digital-focused bank for its retail and corporate customers.

As part of the long-term partnership, Mobiquity is building a digital experience from scratch - launching a range of digital products to attract new KIB customers to its platform. The project will involve designing and developing digital products to deliver a frictionless digital banking experience.

For the initial launch, Mobiquity is developing a selection of digital banking products, including a seamless digital onboarding experience, a current and savings account, payments services and Personal Finance Management (PFM).

The new digital banking experience is expected to be available for retail customers starting the summer of 2021, and the migration of KIB’s corporate clients to the new platform will follow shortly thereafter.

Commenting on the partnership, Philip Nordenfelt, Innovation and Digitization Advisor said: “KIB recognised that there were gaps in the digital financial market in Kuwait, with several opportunities available to develop this segment in its proposition and scalability. In fact, there is a clear opportunity for KIB to lead the market in digital banking. We chose Mobiquity as our development partner due to the quality of the team and their rich digital banking experience in strategy, UX design, and software development.”

Thierno Diallo, VP of Client Delivery, Mobiquity said: “We’re honoured to work with KIB to build and innovatively enhance whilst digitizing banking products and services to better serve their customer base with ease and convenience.

“Through a frictionless digital banking experience, customers will be able to set up a bank account in less than 5 minutes - a new and unique provision for Kuwait’s retail and corporate banking customers, to respond to the increased demand for digital banking.”