Kuwait Finance House (KFH) announced that it has joined the GCC Cross-border Payment System following its success in completing all required security and technical tests.

The payment system (AFAQ) aims to execute remittances in local GCC and other currencies in a short time and at reduced costs for customers in a safe and stable environment.

Tahani Al-Khamees, DGM- Transaction Banking Operations at KFH, said that KFH step to be one of the first Kuwaiti banks to join the GCC Cross-border Payment System is compatible with CBK trend to cope with the latest developments on FinTech, and reflects KFH keenness to adopt the latest technologies and be a pioneer in introducing innovative financial solutions.  

Al-Khamees noted that the payment system (AFAQ) contributes to the enhancement of efficiency and mitigates reliance on financial systems and external payment platforms and reduces remittance costs for customers. The system adds value to customers banking experience at the GCC level, facilitates and accelerates the processing of cash remittances and enhances the GCC Joint Payment Systems according to the highest standards of security, speed and quality.