The First Personalised Investment App in Kuwait with Markaz by Richie Santosdiaz for The FinTech Times
Fintech Middle East & Africa

The First Personalised Investment App in Kuwait with Markaz

Established in 1974, Kuwait Financial Centre K.P.S.C “Markaz” is one of the leading asset management and investment banking institutions in the Middle East and North Africa (MENA) region with total assets under management of over KD 1.14 billion ($3.77 billion USD) as of end of 2019; Markaz was listed on the Boursa Kuwait in 1997. Launched by Kuwait Financial Centre “Markaz” as the first personalised investment app in Kuwait, iMarkaz has unveiled an innovative new digital onboarding process that allows app users to experience their entire investment journey from the comfort of their homes and offices.

This new feature enables potential investors to upload all their necessary account opening documentation over the app and facilitates the scheduling of e-meetings with experienced Markaz advisers. This new digital experience aims to help meet the demands of an increasingly virtual world, especially in a current CoVID-19.

iMarkaz allows potential investors to express investment preferences and objectives within minutes via a simple interface. After analysing the submitted information, iMarkaz instantly provides initial investment advice, spanning multiple asset class exposures and financial markets. After the launch of this new digital onboarding process, clients can now seamlessly open an account with Markaz over the app, providing a convenient alternative to time intensive in-person meetings and traditional paperwork procedures.

Kuwait has a long rich history of having a financial services industry in the Middle East region
Kuwait has a long rich history of having a financial services industry in the Middle East region IMAGE SOURCE GETTY

According to the CEO of Markaz, Mr. Manaf A. Alhajeri, “The launch of this new onboarding process marks the completion of the digitalisation of the investment process. At a time when most of the world’s operational activities have been forced online, we at Markaz understand the need to offer technology-based solutions to investors. We are confident that iMarkaz, enhanced by the new digital onboarding process, paves the way for a new era in wealth management and meets a significant client requirement in the market. Investors who use the app will, importantly, have the same access to our experienced financial professionals, but will now have the option to meet virtually.”

Alhajeri adds, “Now, with iMarkaz, the entire investment process, from selecting investment preferences to actually opening an account, can be conducted over an app. We are proud that Markaz is leading this technological innovation and we look forward to seeing how iMarkaz grows and develops over the coming years.”

iMarkaz, upon its launch in March 2020, joined the company’s extensive portfolio of other innovative, industry-first offerings in Kuwait. They include: Mumtaz – the first domestic mutual fund; Idikhar – the first money market fund; MREF – the first real estate investment fund; and Forsa Financial Fund – the first options market maker in the GCC.

Like the rest of the other neighbouring GCC countries, Kuwait is also undergoing its own economic development and diversification, which it calls Kuwait Vision 2035. It aims on transforming Kuwait into a financial and trade hub. To note, historically, Kuwait has a long rich history of having a financial services industry in the Middle East region. Digitalisation and fintech will help play a part in that not just for Kuwait but for the rest of the world.

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