Kuwait Finance House Spearheads RegTech in the GCC with Expanded Partnership with Codebase Technologies

9th June 2021, Manama, Bahrain: Codebase Technologies (CBT), a global API banking solutions provider, has been selected by Kuwait Finance House Bahrain (KFHB), a pioneer in the global Shari’a banking space, to expand the bank’s digital market leadership with a streamlined regulatory reporting platform to enhance transparency and automate backend compliance operations.

As banking and financial technologies have evolved in parallel with central bank regulations, internal processes and protocols within these institutions have struggled to keep pace. Leveraging the technological advancements achieved through its partnership with CBT, KFH sought the banking solutions provider’s expertise in establishing an automated, flexible platform for regulatory reporting.

KFH’s new regulatory reporting capabilities are enabled by Digibanc™ RegReporting, a fully automated, end-to-end regulatory reporting platform that seamlessly integrates with multiple data sources and streamlines backend processing. The implementation will enable KFH to flexibly and rapidly respond to an ever-evolving regulatory environment while ensuring compliance and consistent, precise reporting.

Yousif Alhammadi, Executive Manager, Head of Financial Control & Administration at Kuwait Finance House Bahrain, said: “Technology’s expanding role in banking and finance will only continue to push institutions to widen their technological footprint. Partnering with the right technology enabler is where the advantage lies for institutions. Codebase Technologies consistently helps us evolve ahead of the market, empowering us with solutions and innovations that optimize our operations and keep customers coming back.

Raheel Iqbal, Managing Partner & Global Product Head at Codebase Technologies, said: “The efficacy of what Codebase Technologies is capable of is clearly exemplified in how KFH Bahrain has defined itself as a leader in GCC digital banking landscape. We’re proud to be Kuwait Finance House Bahrain’s technology partner of choice to help it achieve its digital ambitions because they enable us to deliver on our mission of demystifying digital financial services, and reshaping the possibilities for the industry.”