The newly launched digital loan service offers a seamless experience for users, allowing them to complete the entire loan application process via the Weyay mobile application. Customers can select loan amounts, choose repayment plans, and submit necessary documentation through the app, with approval notifications delivered promptly. This initiative not only streamlines the borrowing process but also reflects Weyay Bank's commitment to leveraging technology to enhance customer convenience.
Amal Al-Duwaisan, Head of Weyay Bank, emphasized the significance of this development, stating, "We are proud to introduce Kuwait's first fully digital loan service, which underscores our dedication to providing innovative financial solutions that cater to the evolving needs of our customers. This initiative is a testament to our commitment to supporting Kuwait's digital transformation in line with Vision 2035."
This digital loan offering is part of Weyay Bank's broader strategy to revolutionize banking services in Kuwait. Since its establishment in 2021, the bank has focused on delivering a comprehensive suite of digital banking products tailored to the tech-savvy youth and early career professionals. Features such as Student Allowance and Salary Transfers, Saving Pots, a Digital Store, Budgeting and Tracking tools, and Referral programs have positioned Weyay as a leader in the digital banking sector.
In recognition of its rapid growth and innovative approach, Weyay Bank was named the "Fastest Growing Digital Bank" in Kuwait by Mastercard during the Mastercard MENA East Business Forum held in Dubai. This accolade highlights the bank's unwavering commitment to innovation and solidifies its position as a pioneer in Kuwait's digital banking landscape.
Further enhancing its service offerings, Weyay Bank has launched the "AFAQ" service, a regional payment system provided by the Gulf Payments Company. This system facilitates instant financial transfers in local currencies between Gulf Cooperation Council countries at competitive rates, ensuring high levels of privacy and information security. Customers can now make transfers to any participating GCC bank without concerns about currency fluctuations or delays, reflecting Weyay's dedication to providing innovative banking solutions that meet regional needs.
In addition to expanding its financial services, Weyay Bank has entered a strategic partnership with Alshaya Group, a leading international retail franchise operator. This collaboration aims to integrate Weyay's digital banking capabilities with Alshaya's extensive retail portfolio, creating a seamless customer experience that combines banking services with retail offerings. The partnership focuses on developing advanced payment solutions for easy in-store and online transactions and launching financial inclusion initiatives to empower customers, particularly the youth, with digital tools for better money management and personalized financial products.
Francois Orhan, Vice President of Loyalty, Payments, and Data at Alshaya Group, commented on the partnership, stating, "By combining our extensive retail network with Weyay's digital banking expertise, we can provide our customers with a unified, rewarding experience that meets their evolving needs. We look forward to working together to bring exciting new services to the market."
Weyay Bank's commitment to security has also been recognized, as it was named the Best Digital Bank in Information Security and Fraud Management in Kuwait at Global Finance's World's Best Digital Bank Awards 2024. This accolade underscores the bank's dedication to implementing leading security practices and fostering a culture of continuous vigilance against cyber threats, ensuring that customers' data and transactions are protected with the highest level of security.