Al Jarida newspaper launched the MoneyTech Summit as a platform for exploring and debating Kuwait's future in growing innovative themes such as digital banking, fintech, open banking, and e-wallets. This is where the brightest and most innovative brains congregated to engage in new ideas, network with like-minded professionals, and acquire insights on how modern technology and money go hand-in-hand, and how these two will transform the modern world.
The participants included entrepreneurs and large companies, financial technology experts, reviewed the opportunities offered by open and digital banking services and Kuwaiti banks during the next stage.
The summit also included sessions on exporting Kuwaiti money with views and experiences presented by Kuwaiti companies that have expanded outside the country and have succeeded in the diverse and ever-changing economic landscape and regulatory markets. The summit focused on financial technology, whether it is compatible with Islamic law or traditional, and the opportunities it may provide in the future, in addition to focusing on the regulatory opportunities and challenges facing companies and the need for parallel and integrated development.
Ottu is one example of innovative Kuwaiti fintech. The leaders of Kuwait believe not only in the existing technology originating from the West, but also in the creation of new technologies. We are modernizing FinTech for our citizens by offering them with more locally and indigenously produced technologies, and we intend to do the same for other markets.
Mr. Talal Al-Awadi, CEO of Ottu, said that “Ottu payment gateway management solution cater to the regional and global enterprises to orchestrate online payments . Ottu positions itself uniquely by empowering medium and large organizations to connect with their banks directly, giving them the flexibility to manage and chose the best online payment gateway routing for a better reach and optimized commercial offering."
Al-Awadhi revealed that Ottu’s Fintech solution is a SaaS based technology that supports merchants to expand locally and regionally, and has distinguished and close relations with the National Bank, Kuwait Finance House, Gulf Bank and Warba Bank. He described Ottu as a reliable and supportive strategic partner for banks, explaining that in short it is an information technology company, not a financial technology company, and it is the only one in the market. He revealed that Ottu has strategic partnerships and working relations with both MasterCard and Visa, as it was the first to launch a program for MasterCard, which is Click to Pay, explaining that banks rely on Ottu services to launch their services to customers with “Apple Pay”, where “Ottu” is unique in that it connects the customer to the bank directly, without an intermediary.
Link to article