Kuwait Finance House (KFH) has launched a pioneering, industry-first service aimed at enhancing the trust of customers and beneficiaries and supporting them in their trade finance transactions, including Letters of Credit (LCs) and Letters of Guarantee (LGs) issued by KFH.

KFH Group Chief Operations Officer, Abdulla Abu Alhous, said that this unique service is to add a QR code to all documents, transactions, and transfers issued by KFH Trade Finance Department, benefiting both customers and beneficiaries.

Abu Alhous emphasized that the new service will significantly benefit Trade finance department’s related parties, by protecting them from fraud and forgery. Customers can simply scan QR code on their transaction to instantly get real-time transaction details like the amount, duration, status and other details. 

He noted that the service streamlines customers’ transactions and those of related entities such as governmental institutions, by cutting down in-person visits and enhancing the overall customer experience at KFH.

He highlighted KFH’s long-standing commitment to customer experience, which is considered a core priority to the Bank, and underlined KFH’s continuous efforts to cement its leadership in trade finance and letters of guarantee.

He added that this new service further demonstrates KFH's dedication to delivering innovative solutions that boost confidence for both customers and beneficiaries, thereby strengthening the bank's standing in the banking sector.

Digitalization and innovation

Meanwhile, KFH Group Chief Technology and Digital Transformation Officer, Eng. Meshaal AlMunaikh, stated that this service is part of KFH's digital transformation and innovation strategy. He emphasized KFH's significant strides in digitizing services and operations, which has led to better customer experience, increased productivity, improved overall performance, and lower operational costs.

He explained that this new service is a product of extensive collaboration between Technology and Digital Transformation and other departments at KFH. It also reflects KFH's commitment to shielding its customers from the risks of forged or altered official documents intended for government bodies.

AlMunaikh emphasized KFH's continuous drive to develop digital financial solutions that meet customer needs and simplify their banking. This includes launching new banking and financing products and services, enhancing technology infrastructure, and strengthening cybersecurity. These efforts enable KFH to continue providing the most comprehensive, secure, competitive, and sustainable digital banking system in the sector.