Tam, a new sharia-compliant youth-focused digital bank by Kuwait Finance House (KFH), is launching in Kuwait.
The digital bank’s initial offering includes a digital savings account, prepaid cards, student allowance and expense management, local transfers and a rewards programme.
The rewards programme, in which customers earn two ‘tam points’ for every 1KD ($3.24) they spend through the prepaid card, is linked to the bank’s network of brand partners, where points can be exchanged in return for discounts.
Accounts can be opened using a smartphone and citizen ID, and customers are required to be aged 15 or over.
Speaking at the launch ceremony on Tuesday, acting group CEO of KFH, Abdulwahab Iesa Al Rushood, says digitisation has become “deeply ingrained in Kuwaiti youth and society”,and that the launch marks a “historic moment” in KFH’s digital banking transformation journey.
He attributes the launch to KFH’s focus on delivering a financially inclusive experience to “the youth in particular” by “keeping pace with financial technology”.
Adding to this, KFH Kuwait CEO, Khaled Yousef AlShamlan, says Tam “is not only for completing banking transactions, but it is a substantial leap in digital transformation initiatives”, supporting a user experience that “aligns with the modern lifestyle of youth”.
Tam joins the growing KFH group, which includes the Zaheb digital platform built specifically to provide e-payment solutions to SMEs, which was also launched this month.
Source: fintechfutures