The National Bank of Kuwait (NBK), in conjunction with Visa International, recently announced the launch of the first chip card in Kuwait. The new smart card carries both a chip and the traditional magnetic stripe. Over 62 million chip cards have already been launched by Visa member banks worldwide and are accepted at more than 183 countries in seven continents.
The platinum card targeted at NBK's more affluent cardholders, is equipped with a chip that is almost impossible to counterfeit. The new technology will bring security to customers, merchants and card issuers. Moreover, the magnetic stripe will ensure that customers can use their cards in a non-chip environment.
“Not only does the NBK platinum chip card offer cardholders enhanced security against fraud, the additional memory available on the chip will enable us to add multi applications, such as extra financial products and loyalty programs at a later date,” stated NBK General Manager, Adel Al-Majed.
NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf. It is the largest financial institution in Kuwait with an effective market dominance in the commercial banking market. NBK‘s local and international network includes branches, subsidiaries and representative offices in London, New York, Paris, Geneva, Bahrain, Beirut, Singapore, Vietnam and Thailand, with other ambitious plans for regional expansion.
With capital resources in excess of 380 million Kuwaiti dinars ($1.3 billion), NBK is ranked amongst the top 300 banks in the world and the fourth amongst Arab banks. In 2001, NBK reported a record net profit of $342 million, with a return on average equity of 25.4 percent and total assets of $14.6 billion. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
