Title: Press Release: The Capital Markets Authority Joins the Global Financial Innovation Network (GFIN)

Kuwait, August, 21, 2022 - Recognizing the important role played by supporting financial and technical innovations and adopting solutions that contribute to creating a better environment for doing business with high efficiency, which in turn contributes to progressing the wheel of economic development, as well as the CMA's keenness to adopt initiatives that would upgrade the capital market in the State of Kuwait, the Capital Markets Authority has joined the membership of the Global Financial Innovation Network (GFIN), which is an international network that seeks to support financial innovation for the benefit of consumers, and acts as a monitoring tool and focuses on emerging technology, and supports financial innovation, also to establish a framework for cooperation between regulatory authorities and the concerned institutions that support innovation to exchange experiences and innovation methodologies, as well as expand the work of providers of innovation services / products / business at the international level, in addition to exchanging knowledge and policies, and the network is committed to providing financial integrity, financial inclusion and financial stability through innovation in financial services.

CMA’s membership in the network comes at the invitation of the former Mayor of the City of London, Lord William Russell, and the British Ambassador in the State of Kuwait, Mrs. Belinda Lewis, during their visit to the CMA in October 2021, to join the network and benefit from its services, as the CMA seeks in turn to keep pace with modern innovation in financial services and technological development, which is rapidly changing the economic and financial scene, and adopting technology that is compatible with the requirements of market development and diversification of its tools, which is one of the most important objectives of the CMA. The CMA’s membership to GFIN is aligned with its eleventh strategic goal which is among its current strategy (2018-2019/ 2022-2023), which stipulates “enhancing local, regional and international cooperation, gaining experience and exchanging information,” as well as promoting the implementation of the financial technology regulation project included in the national plan, which CMA is currently working on completing at the end of its current strategy. It is also worth noting that the CMA’s next strategy (2023-2024/ 2026-2027) includes a focus on adopting innovation and exploiting modern technologies in performing the CMA’s roles, it seeks, through its joining international organizations, to continually benefit from the international experience and adopt its best practices, which will have a positive impact on the national economy on the one hand and the capital market on the other.

It should be mentioned that the network, out of its keenness to enhance cooperation and exchange of experiences among its members and achieve its goal of providing opportunities to support innovation, holds an annual conference for its members to discuss the latest developments in topics related to financial innovation and present regulatory experiences. The annual conference is scheduled for this year in Dubai International Financial Center in November - the United Arab Emirates, that provides experimental opportunities for cross-border experimentation, as it has developed many tools and solutions to improve the framework of these tests and facilitate the demand  for them by providing participation request forms and providing an updated summary to clarify the competencies and interests of the participating regulatory bodies and the types of innovation services available, as well as providing a list of frequently asked questions about cross-border testing.

 It is also worth noting that the network was established in January 2019 by a group of financial regulators and related organizations in the United Kingdom with the aim of creating a global regulatory environment for innovation, and its membership includes 68 regulatory institutions and 7 entities as observers, most notably the World Bank Group and the International Monetary Fund.

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Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate the CMA's Law.
Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw