Intelligent CIO Middle East Issue 40 - Page 44

CIO OPINION CIO opinion CIO OPINION “ WE CAN’T STOP THIS WAVE OF CHANGE THAT IS COMING IN BUT WE CAN DIRECT IT IN THE RIGHT DIRECTION. ////////////////// Tariq Al Usaimi, Head of Digital Strategy for the Central Bank of Kuwait Foundation for transformation With the rapid expansion of the FinTech sector in Kuwait, the country’s central bank is embarking on a landmark digitalisation programme. Tariq Al Usaimi, who as its head of digital strategy is leading the evolution process, tells us analytics and Big Data have become the foundation for transforming the financial sector. T ariq Al Usaimi, the newly appointed head of digital strategy for the Central Bank of Kuwait, has a mandate to transform both the bank itself and the country’s financial sector. Recently appointed as the bank’s CDO, he is on a mission to drive its digitisation as well as transform the whole banking sector in Kuwait. He is able to take advantage of a wealth of IT experience having served as CDO at the National Bank of Kuwait and CIO at Kuwait Credit Bank. “One of the mandates that I have is to transform the Central Bank of Kuwait to have it more digitalised, to transfer all the paperwork to digital processes and to transform the whole banking sector in Kuwait,” he said. “One of the projects I am overseeing is called the Kuwait National Payment 44 INTELLIGENTCIO System which is divided into eight systems such as Central Bank Digital Currency, Automated Clearing House, E-Wallet platform and more.” The rapid expansion of Kuwait’s FinTech sector, the importance of Big Data and analytics platforms and the disconnect between the expectations of young people and the way they interact with financial institutions are all topics Al Usaimi gives us his opinion about below. On transforming the central bank’s approach to technology As you can see now the wave of FinTech is really hitting the GCC very hard. As its regulators we cannot stop the change that is coming but as our Governor Dr Mohammad Al-Hashel in a speech at the Global Informatics Forum said ‘We can’t stop this wave of change that is coming in but we can direct it in the right direction.’