Boubyan Announces Collaboration with Kaffy Technologies to Implement Innovative Palm Print Technology

In a new move reflecting its approach to supporting the innovation and entrepreneurship ecosystem in Kuwait, Boubyan Bank announced a new collaboration with the Kuwaiti startup Kaffy Technologies to implement its innovative palm vein biometric technology within the bank’s actual working environment, providing the company with an opportunity to test the technology and evaluate its performance in practice.

This collaboration extends Boubyan’s efforts to support technology startups by building strategic partnerships that offer them practical opportunities to apply their innovations and develop solutions, thereby enhancing their readiness for growth and expansion. At the same time, it allows the bank to explore promising technologies and assess their potential for use in practical applications.

The technology developed by Kaffy Technologies relies on palm vein biometrics to verify user identity, without the need for mobile phones, cards, or passwords. This enables its use in a variety of applications related to identity verification in different work environments, institutions, and sectors.

The collaboration involves applying palm vein biometric technology to the bank’s contracted workforce for identity verification and recording entry and exit processes, allowing Kaffy Technologies to implement its solutions and evaluate their performance within a real corporate environment.

On this occasion, Sara Al-Mutawa, Executive Director of Business Performance and Planning at Boubyan Bank, stated that supporting technology startups is one of the key pillars of the bank’s strategy to support the local innovation ecosystem. This is achieved through strategic partnerships that open up real opportunities for these startups to test their innovations and develop scalable, applicable solutions.

She added that the collaboration with Kaffy Technologies provides a practical model for this approach, by offering a real working environment to implement and evaluate the technology in a genuine use case. This gives the company an opportunity to gain practical experience that can be built upon to further develop the solution and expand its applications in the future.

She clarified that the concept of supporting startups goes beyond providing banking services and solutions, extending to creating collaboration opportunities that help them demonstrate the potential of their solutions, develop their products, and enhance their readiness for growth. She emphasized that Boubyan’s partnerships with startups focus on creating sustainable value that supports their development and strengthens their market presence.

Al-Mutawa affirmed that adopting promising technologies and supporting local innovation reflect Boubyan’s approach to exploring future solutions and keeping pace with rapid developments in the technological landscape, while also contributing to the growth of the digital economy and enhancing the role of Kuwaiti technology startups within it.

She noted that collaboration between institutions and technology startups contributes to providing a more integrated innovation environment by combining the solutions and ideas offered by startups with the practical expertise and application environments provided by institutions. This opens the door to developing new solutions capable of meeting the changing needs of various sectors.

Boubyan Bank continues to support the entrepreneurship and innovation ecosystem in Kuwait through various initiatives and partnerships aimed at empowering entrepreneurs and startups, opening new horizons for their growth and expansion. This enhances their contribution to the digital economy and supports the development of the business and innovation environment in Kuwait.