Central Bank Of Kuwait To Test "buy Now, Pay Later" Product

On Sunday, Kuwait's central bank announced that it will be testing a "buy now, pay later" product within its regulator sandbox framework ahead of its launch. The bank praised the product as part of its innovative approach.

The new product represents a CBK effort to" support innovative Fintech based business models," to deliver value-added services to users in particular, and the local market in general, according to a bank statement.

On the idea behind the new product, the statement clarified that it allows customers to purchase from the participating online retailers and pay online in a "flexible and deferred manner," while it gives the merchant opportunity to provide products and services to customers.

On the role of the regulatory sandbox framework, the statement said it aims to "provide a safe environment to assess, evaluate and enhance Fintech products," which will be instrumental in encouraging further innovative practices.

In its statement, CBK said it will continue to act as a catalyst and deploy the latest technology to advance national development plans.

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