Kuwait Finance House (KFH) has signed a Memorandum of Understanding (MoU) with Taly, a Fintech solution provider, aiming to forge a fruitful collaboration, diversify its e-payment solutions and keep pace with the digital transformation developments in the banking sector.

The MoU is part of KFH’s efforts to support national companies and offer the best services to customers while meeting their evolving needs within the highest quality and security levels.

KFH Executive Manager Credit and Charge Card Products, Talal AlArbeed stated that KFH continues to deliver the best e-payment solutions that contribute to meeting customer needs and enhancing cooperation between the two parties, saying that KFH offers outstanding e-banking services to companies through a cutting-edge digital platform that supports multiple channels, making exclusive digital services available to its institutional and corporate customers.

He added that the agreement strengthens KFH's ceaseless efforts to enhance strategic partnerships with companies in various fields in the Kuwaiti market and provide e-banking solutions to facilitate and meet customers’ aspiration, thus cementing KFH's position and leadership in providing electronic services that are in line with digital transformation strategy.

AlArbeed went on to say that KFH has diversified innovative banking services and products and works continuously to launch the Buy now, pay later (BNPL) service to align its strategy with the latest developments in the banking and financial industry in addition to diversifying its e-payment solutions. He added that Taly is a company specialized in providing Sharia-compliant secure, smooth and flexible payment solutions, allowing customers to buy online or in-store, and pay later without any interest or fees.

“KFH affirms, by signing such agreements, its commitment towards promoting digital transformation locally and playing a greater role in maximizing the role of technology to achieve financial inclusion and develop an innovative technical environment that accelerates banking operations to maintain the Bank’s leadership in the field.” AlArbeed added.

Meanwhile, Taly Chief Executive Officer, Bader AlBader said: “We are pleased to sign this MoU with KFH, the largest bank in Kuwait and one of the region’s leading brands in Islamic finance. The MoU will forge an alliance to positively revolutionize the financial technology industry.”

AlBader added that Taly is the first Kuwaiti startup that provides Buy Now, Pay Later (BNPL) service in Kuwait with an approval from the Central Bank of Kuwait. It is also the first Islamic shariah-compliant company in the region.

He pointed out that Taly offers flexible and modern payment services, the first of its kind in Kuwait, through which customers can sign up with Taly and use its e-services within only two minutes.

As part of the effort to fulfil the needs of the Kuwaiti market and continue launching innovative products, AlBader explained that the service is free of charge or interests and available online, or in-stores as a payment method, allowing customers to pay later in 4 equal monthly installments or pay the full amount in 30 days.