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    KFH   KW0EQ0100085

KUWAIT FINANCE HOUSE K.S.C.P.

(KFH)
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Al-Terkeit: KFH implements state-of-the-art technologies to adopt digitalization

10/14/2021 | 06:02am EST

Kuwait Finance House (KFH) has participated in the virtual discussion of US-Kuwait Business Council titled "Digital Acceleration and Cybersecurity in the Financial Sector" organized by the US Chamber of Commerce in collaboration with the Central Bank of Kuwait with attendance and participation of representatives of the local banking sector and technology industry.

During the discussion, Group Chief Information at KFH, Haytham Alterkeit said that the pressures of digital transformation imposed on traditional banking model in Kuwait and all over the world have increased, so adapting an agile approach is no longer an option, but a must."

He added that "this development requires concerted efforts along with practical and operational process, given that the world of banking is being transformed through technology. We are living through disruptive times where innovation is very strategic to competitive industries such as banking. Therefore, banks will need to adopt practices, organize and participate in relevant workshops, employ new resources and collaborate with Fintech companies to accelerate the process of digital transformation. Legacy systems should be replaced by using advanced systems that can match the increasing need for enhancement."

Alterkeit confirmed that adopting agile systems can match the increased needs of digitization and facilitate this digital transformation. He said "In KFH, we were able to implement these practices, while several services were built upon these agile methods."

Cybersecurity

Alterkait said that "Banks should opt to utilize latest technology, machine learning, automation, artificial intelligence to enhance cypersecurity. More importantly, customer awareness is essential to fostering the knowledge of customers and users, thus pushes the digital transformation progress."

He explained that the change of mindset is pivotal in this fast-changing environment. This can be achieved through hiring specialized personnel who promptly adapt to change in an effort to avoid being left behind.

Meanwhile, Alterkeit said that at KFH we see cybersecurity from a different perspective and consider it as one of the enablers for the banks journey towards digital transformation.

He added:" Our institution ensures continuous compliance with local and international regulatory standards related to cybersecurity.

Disclaimer

Kuwait Finance House KSC published this content on 14 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2021 10:01:05 UTC.


ę Publicnow 2021
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Financials
Sales 2021 806 M 2 666 M 2 666 M
Net income 2021 233 M 771 M 771 M
Net Debt 2021 - - -
P/E ratio 2021 27,2x
Yield 2021 2,45%
Capitalization 6 827 M 22 531 M 22 576 M
Capi. / Sales 2021 8,47x
Capi. / Sales 2022 7,81x
Nbr of Employees 15 000
Free-Float 51,6%
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Mean consensus UNDERPERFORM
Number of Analysts 5
Last Close Price 0,82 KWD
Average target price 0,54 KWD
Spread / Average Target -33,6%
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Managers and Directors
Abdulwahab Essa Abdulwahab Al-Rushoud Group Chief Executive & Treasury Officer
Shadi Ahmed Yacoub Zahran Group Chief Financial Officer
Hamad Abdulmohsen Hamad Al-Marzouq Chairman
Srood Amed Sherif Group Chief Information Officer
Abdullah Mohammed Abdullah Al-Haous Group Chief Operations Officer
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