K-Net gave a dinner party on the 20th anniversary of its incorporation in the presence of member banks. Mr. Jasem Mohamed Safar, Chairman of K-net delivered a speech on this occasion reviewing the company's history and achievements over the last 20 years. Twenty years ago, Automated Shared Banking Services Company was registered as national operator when the Central Bank of Kuwait was considering the automation of cash transactions.
Therefore, K-net was keen from the very beginning to form the technical consultative committee which laid down the cornerstones of the operational documents of K-Net. Such documents were later on used as the cornerstones for other gulf networks (Qatar, Bahrain, UAE and Oman).
From here, K-Net started its penetration of GCC countries in view of its excellence based on its high professionalism and comprehensiveness. Over the last 20 years, K-Net has been committed to provide package of electronic services through different payment channels to local, regional and world financial institutions. The Company excellence in this field is manifested through technical development, efficiency, accuracy, security and confidentiality of transactions which features have satisfied all clients.
Mr. Abdullah Al-Ajmi, General Manager of K-Net welcomed the intensive attendance of the party and mentioned the most outstanding achievements of the company over the last 20 years, making live presentation of the volume of e-pay transactions in Kuwait through a large screen showing the e-pay transactions through different channels including POSs, ATMs and Real Time Online Payment.
The party included an exhibition of the Company's systems as well as the history of POSs and the constitutional documents of the Company. Furthermore, a documentary film was presented summarizing the Company's history on this occasion which attracted the approval of all present persons.
K-Net has become the main engine of Government e-Pay through cooperation with Ministry of Finance, Central Authority for Information Technology for collection of government revenues and duties through different K-Net channels thanks to their rapidness, easiness, confidentiality and security.
Safar also stated that although K-Net was incorporated as national network, it has managed to establish its capabilities to provide additional packages depending on its solid infrastructure in addition to the high capabilities and expertise. Such packages included issuance of secure cheques for all banks in addition to the services of operation of ATMs inside and outside bank branches. K-Net also provides the services of operation and management of credit cards for some local banks through interface with world sponsors of such cards.
On the regional level, Safar referred to K-Net role in updating and formatting the operational documents of GCC Net for application of Smart Card technology as well as updating of transaction acceptance documents as well as those related to other payment channels.
Starting its 21st year, K-Net looks forward to expansion of the financial sector services through the introduction of new services and products as well as targeting other categories of different sectors and continuing the development and upgrading of existing services and creation of new services for our client satisfaction.