Annual Report 2019 - KNet · 2. Automated Teller Machines (ATMs) The most prominent features of...

شركة اخلدمات املصرفية اآللية املشتركة (ش.م.ك.م)The Shared Electronic Banking Services Company (K.S.C.C)

Annual Report 2019

Annual Report for the financial year ended October 31, 2019

The Shared Electronic Banking Services Company (K.S.C.C.)

2019

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The Shared Electronic Banking Services Co.

VisionOur vision is to ensure the provision of electronic payments and guarantee the availability of KNET services - anywhere, anytime and to anyone.

MissionOur mission is to make the electronic payment process Simple, Secure & Speedy for all. In doing so, KNET is committing to meeting its objectives by employing the right technology, introducing new products & services, developing skill sets to meet the market’s needs, and attaining the highest quality of services.

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ValuesCustomer Commitment Develop relationships that make a positive

difference to KNET customers & stakeholders

Quality & Perfection

Provide outstanding payment solutions andunsurpassed service that, together, deliver premium value to our customers Deliver consistent top quality products and services,and meet customer demands, with total efficiency and discipline

Integrity Uphold the highest standards of integrity in all decisions

Reliability Fully committed, dedicated and committed on fulfilling expectations and keeping promises

Teamwork Work together to meet the needs of KNET stakeholders and to accomplish the goals

Respect for People Value for the work force, encouraging their development and rewarding performances

Social Responsibility Committed to developing and delivering better payment solutions for the market

InnovationEnhance the current services and create new services to proactively address changing payment needs

Personal Accountability Take personal accountability for delivering on commitments, internally and externally

ReputationMaintain an efficient, reliable, flexible and educated workforce to provide the best in electronic payment services

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The Shared Electronic Banking Services Company “Knet” was established since more than thirty years ago as a nation-al Kuwaiti institution operating in compliance with the provi-sions of Islamic Sharia, and striving to realize strategic partner-ship among Kuwaiti banks in the field of shared electronic banking services, and providing electronic services to clients of these banks.

Knet serves banking sector in Kuwait and Gulf region with package of services. The service ranges from multiple delivery channel, switching and connecting to global schemas. The various delivery channels are ATM, POS, IPOS, Kiosk, Payment gateway and cheque book printing. Knet is effectively connecting banks, Government entities, merchants, and public.

Since its establishment, Knet has been committed to optimizing its role in the field of electronic payment services through well-defined forward looking strategy, focusing on its core activities and opening new vistas for electronic services that advance payment services. The commitment enabled Knet to provide the best technology for serving the banking sector and their clients, by embracing most up-to-date systems it has.

Year 2019 is significant, for Knet as it has been registered as Financial service company under Central bank of Kuwait.

During 2019, Knet has continued to realize distinctive performance and effective presence in the Kuwaiti market aiming to become the leading electronic payment services provider. The year 2019 was distinguished with several accomplishments and successes on many aspects. Knet services have reached new high with expanding market and increased transactions. The volume of transactions has reached record figures, achieving a high level of customer satisfaction.

Knet has processed around 357.5 million electronic payment transactions representing approximately KD 19.2 billion through different electronic payment channels (POS, ATM, PG and others). In addition, this year was marked with the Company’s processing transactions amounting to KD 1.6 Billion as an average in a month.

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The Shared Electronic BankingServices Transactions 2019

This report outlines the most important developments accomplished by the Company during the financial year ended October 31, 2019.

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Points of Sale (POS) 9

Automated Teller Machines (ATMs) 11

Payment Gateway 13

E-Government Payment Project (Tasdeed) 16

GCC Net 19

Cheque Book Printing Service 19

Non-member banks 20

Key accomplishments during 2019 20

Key projects accomplishments during 2019 20

Company’s Plan for 2020 21

Knet Social Media Channels 25

Company Strategic Project in 2020 25Con

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During 2019, the Company’s operating performance was excellent on the level of all services provided to the banking, government and private sector which are highlighted below.

1. Points of Sale (POS)The point of sale service is one of the prominent services provided by Company, to merchants, companies and government entities in the State of Kuwait. Point of sale service has been getting revamped with innovative state-of-the-art technologies. This has been through applying the most up-to-date technology in this field and introducing modern POS devices on par with global standard.

Today, several POS terminals with different communication capability like IP, GPRS/3G and WIFI are available to the convenience of merchants, companies, and other POS service acquirer. In this respect, the Company has added 7,660 more terminals in the market this year, thus the number of operating terminals has reached to 70,629 with the growth rate of 12.16% for the year ending October 2019.

On other side, the volume of transactions accomplished through points of sale terminals amounted to 231 million transactions during the year ended on October 31, 2019 which is 15.92% higher than last year. Whereas, the value of processed transactions amounted to KD 9.72 billion.

Points of sale service provided by Knet is available with acceptance of all local cards (Knet cards) and international cards (such as Visa, MasterCard, UPI, American Express, and Diners Club cards) in addition to GCCNET Cards. The point of sale service is rendered to approximate-ly 4.95 million cards in Kuwait. 83% percentage of transactions were made using Knet cards of local banks, while remaining 17% were made using other cards.

Record figures for POS service in 2019:October 2019 witnessed new record that number of Point of sale transactions reached to 22.21 million transactions, compared to that of previous year. Through this new record number, approximately KD 838 million was traded. Highest daily transactions has been recorded on the 24th of Oct 2019 with 887,373 transactions. Highest transactions in an hour was recorded on 03rd of June 2019 at 22:00 Hours, with 89,922 transactions

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The rally of sales’ volume in different types of stores, and the significant diversification in consumers and merchants’ behavior in daily purchases and sales, in addition to the growing awareness of elements of convenience, safety and flexibility provided by latest payment methods which the Company offers etc highlight the outgrowth of the diligent efforts exerted by the Company’s Management and the distinctive cooperation with member banks during last year to enhance the services and improve performance efficiency; which was positively reflected on developing and diversifying points of sale services. This has led to an unprecedented spread of points of sale in such a manner that made Knet card a payment tool used by most consumers for their day to day purchases, including fees or financial obligations to government bodies as well.

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New and innovative services:

Noteworthy, this year has witnessed continuous working on developing approaches of using available terminals by means of devising additional connection methods for GPRS terminals through providing a wider coverage scope so that such terminals can be used everywhere in the country due to the relative importance of such terminals in the Kuwaiti market as they constitute 90% of total number of terminals launched in the market.

In line with market requirements, and to provide the best of modern technology, Knet has added more new types of POS terminal which is characterized with a wide color touch screen; merchants & banks will be able to add any marketing contents on the POS screen. In addition to offering a multi-use devices characterized by flexibility and ease-of-use.

With regard to Near Field Communication (NFC) technology, Knet continued in 2019 offering a variety of devices that support this type of technology in line with the developments witnessed by the world this period on this technology, which will facilitate the Kuwaiti banks to launching number of its own products that support this feature, where the number of devices that have been installed during 2019 which support this type of technology approached 54,726 POS devices which represent 77.45% of the total terminals in the market.

On the other hand, Knet introduce the mPOS device in the market which support a specific segments that need for stylish design, comfort, convenience, with user friendly interface large memory capacity as well as SMS and email receipt.

During the year 2019, Knet introduce Spire POS as a new brand in the market to fit with more segments beside PAX & VeriFone terminals.

On the other hand, Knet launched during 2019 the new smart POS terminals and VPOS to serve more merchants in the market.

2. Automated Teller Machines (ATMs)

The most prominent features of propagation which Knet strives to attain is availability of ATMs in public places such as malls, cooperative societies, government entities , hospitals, universities and other places. The numbers of ATMs operated by the Company are 885 ATMs approximately.

Knet always strives to maintain the benchmark standard of this service and the accuracy of development in its various activities in this field. Whereas, the Company continuously updates and develops its devices and software, provides up to date and advanced ATMs equipped with high end technologies in compliance with industry standard. The major services, the Company provides through its ATMs, is cash withdrawal service in Kuwaiti Dinar and foreign currency, balance inquiry service and credit cards cash withdrawal supporting different international brands such as Visa, MasterCard, American Express, Union

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pay international and other several automated banking services.

In line with its strategy aiming at transforming from a special ized company working as an operator to a company providing several banking services, and driven by its wish to develop the services provided to member banks, new types of automated banking services have been devised including providing integrated services of ATM Driving. This service has been expanded to 11 banks and KNET for itself; which was reflected positively on those banks as well as Knet.

In order to cope with market requirements and to provide distinctive services that harmonize with those services provided by banks to their clients, Knet has introduced additional services to ATMs such as:

• Multi-currency withdrawal

• Special Needs ATM

• Van ATM

• Cash deposit

• Account to Account fund Transfer

• PIN Change

• Mini statement of account

The number of transactions processed on ATMs in the financial year 2019 approximated 73.5 million transactions. Total value of withdrawn amounts approximated KD 6.89 billion Kuwaiti dinar with 2.98% of transaction growth compared over last year.

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ATM Transactions 2019

3. Payment Gateway

Payment gateway transactions are considered as one of the most prominent features of e-commerce in general and in the State of Kuwait in particular. Knet provides online payment service through its online payment gateway. In 2004, Knet has launched payment gateway as a new channel that allows entities (government or private) to collect payments against their goods or services through the Internet.

In order to cater the increasing demand from the market and cope up with the compliance requirement, Knet has implemented in 2019 new Payment gateway with additional features like 1. Refund – partial and Full2. KFastAlso Knet has built Payment gateway on robust infrastructure in its data center and become fully operational in 2019.

Payment gateway accepts all debit cards (Knet cards) to serve the clients and merchants of those banks. Payment gateway service is provided through the Internet to all government and private sector entities through several ways such as:

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1. PCs2. Smart phones of all types3. Tablets of all types

Knet’s payment gateway provides online payment services to several entities in the State of Kuwait such as:

1. Government entities: Payment of fees and bills of government services such as electricity and water, traffic fines, Ministry of Finance subscriptions, lawsuit charges in Ministry of Justice, Ministry of Communications bills and other several government services that exceeded 60 e- government payment services.

2. Private sector: This service is provided for payment of bills and purchasing transactions of companies and merchants in the private sector; such as the following:

A. Telecommunication companies: through payment of mobile top-up and postpaid charges.

B. Airlines, tourism and travel companies. C. Small enterprises: Knet supports these projects

by facilitating the payment gateway for those merchants, in addition to assisting such merchants in adapting their websites to accept online payment.

D. Service companies of different types.E. Retail companies: by selling commodities through the

websites of such companies or those merchants, and paying electronically through Knet payment gateway.

Knet applies the latest information and e-commerce technology on its payment gateway. In addition, the Company strives to apply up to date safety and security technology on this gateway to protect all users against hacking or other issues.

The primary goal of having a payment gateway for Knet is:1. Facilitating e-commerce transactions in the State of

Kuwait. 2. Connecting and integrating the governmental sector,

private sector, users and banks to e-commerce transactions in the State of Kuwait.

3. Velocity, accuracy and security in processing electronic financial transactions with all entities (governmental and private).

4. Serving national economy by providing a payment

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gateway that enhances using banking cards for payment instead of usage paper currency.

This service has been maintaining its success in terms of the number of companies and entities with which connections have been made through the Internet, and whose number reached 1711 electronic entities until October 31, 2019 with an increase of 17% compared to the previous period. This success high-lighted by the number of transactions executed during the year ended on Oc-tober 31, 2019 which amounted to 53.01 million transactions with a rise of 44.16% compared to the previous period. Moreover, the financial value of these trans-actions has amounted to KD 2.58 billion with a rise of 84.66% compared to the previous period.

Noteworthy that Knet launched the Two Factor Authentication (2FA) to increase the security on the online payment by using one time password (OTP) technolo-gy to check the identity of the cardholder.

PG transactions 2019

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4. E-Government Payment Project (Tasdeed):

Ecommerce is an integral part of the technological system that aims at facilitating daily financial and commercial deals. The most prominent of those deals within this framework is the e-government program provided by different government entities in the State of Kuwait which made direct impact on natives and expatriates› dealings in the country. Therefore, facilitating payment transactions for the e-government program will necessarily be reflected on the level of providing the service to those clients.

The government electronic payment program (Tasdeed) provided by Ministry of Finance in cooperation with Knet and in coordination with the Central Agency for Information Technology is deemed to be the most prominent features of e-government in the State of Kuwait and in the region as a whole. This program is an electronic system that connects several ministries and governmental entities in the State of Kuwait (Ministry of Finance, Ministry of Interior, Ministry of Health, Ministry of Social Affairs and Labor, and other entities) to the banking sector through Knet for facilitating commercial and governmental transactions at various levels from end user to institutions. In addition to applying the best techniques of electronic payments in those ministries and entities to support the e-government program on the one hand, it also facilitate the procedures and transactions for visitors of the entities, on the other hand.

In this respect, Knet plays vital role in the governmental electronic payment system by providing the following electronic services:

• Payment Gateway

• POS

• Integrated POS

• M-Commerce payment

• E-Stamp payment

Noteworthy, Knet has been providing such electronic ser-vices to approximately 48 governmental entities, and the be-low are important entities to mention few.

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Ministry/Government Department/Independent Authority

Ministry of Foreign Affairs

General Administration of Customs

Ministry of Commerce & Industry

Ministry of Justice

Ministry of Health

Ministry of Electricity & Water

Kuwait Municipality

Public Authority for Civil Information

Manpower & Government Restructuring ProgramMinistry of Interior

In fact, improving the government financial system and introducing an electronic government system that aims at automating government payment process through KNET. It is well reflected in the volume of transactions that is processed through KNET for this year. The year 2019 has recorded exponential growth, as the number of government electronic payment transactions through Knet reached to 7.7 million transactions with 16.28% growth rate over the previous year, whereas the value of transaction processed is reached to KD 924.59 million with 10.63% growth rate over the previous year.

Accordingly, POS terminals have been installed in 48 government and independent entities in the year ended October 31, 2019 distributed in service centers and different vital places in the country. Through these POS/IPOS, 3.46 million transactions, valuing KD 443.0 million have been executed. Especially, IPOS transactions has increased by 25.97% and amount increased to 17.92%, which shows increasing cooperation of Knet and government; and Knet’s role in automating government payment process.

Furthermore, Payment Gateway service was operated for Ministry of Finance, Ministry of Inter ior , Min is t ry of Just ice, Min is t ry of Telecommunications, Ministry of Electricity and Water, Ministry of Public Works and Public Authority of Civil Information, Ministry of Social Affairs and Labor, Kuwait University and other entities in

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collaboration with the Central Agency for Information Technology. Payment gateway has processed 4.24 million transactions, with growth rate of 47.23%, valuing KD 481.5 million, with growth rate of 197.95%, for the year ended 31st Oct 2019.

The year 2019 was witnessed the completion the E-stamp in Ministries and different governmental entities. E-stamp sys-tem is applied in 38 ministries and governmental entities. Knet has issued approximately 20.94 Million E-Stamps this year totaling 141.89 Million Kuwaiti Dinars with growth rate of 8.99% in amount.

EGOV Transactions 2019

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5. GCC Net

Knet plays a distinctive role in connecting local banks network on the one hand, and connecting these banks to the GCCNet on the other hand. On the level of continuous development of this service, Knet has participated in several meetings in the premises of the Secretariat of GCC countries in Riyadh to explore and discuss means of developing and improving the services, as well as to discuss sev-eral issues and solutions pertinent to the GCCNet such as the GCC claim system, and the availability of telecommunications network among member countries.

In this respect, several banking services are provided, such as cash withdrawal and balance inquiry through connecting ATMs of member banks in GCC coun-tries. During the year ended on October 31, 2019, more than 3.95 million GCC transaction (issuer and Acquirer) transactions have been accomplished totaling over KD 339.3 million, with 9.64% increase in GCC issuing transactions.

2019 showed a significant increase in POS transactions. POS transaction processed through GCC switch constitute over 25%, with around a Million and totaling value of 48.4 million Kuwaiti Dinars.

ATM transactions during the year 2019 was approximately 2.9 Million with value of 290.49 million Kuwaiti Dinars.

6. Cheque Book Printing Service

Cheque Book printing is one of the distinctive services which Knet continues to provide to local bank with unrivalled success. Based on the Company’s belief that continuously striving to maintain the service quality and to be prepared for the expansion of the service to the wider spectrum of consumers, Knet has equipped cheque book printing Unit with state-of-the-art technologies. Moreover, the Company has strived to excel by upgrading the production system including printing and binding.

During the financial year ended on October 31, 2019, Knet has produced 117,764 cheque books of which 25.07% were personal cheque books and 74.93% were commercial cheque books.In order to cope with market requirements and to provide distinctive services that harmonize with those services provided by banks to their clients, Knet has added new options when printing on the new A4 serial laser Cheque books, with all the required security features

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7. Non-member banks

In continuation to the Company›s policy in providing support to non-member banks operating in the State of Kuwait by providing its services to these banks and connecting them to Knet network, Knet currently provides its services to 10 Nonmember Banks operating in the State of Kuwait

Further, the Company shall maintain this approach to attract all foreign banks operating in the State of Kuwait in order to provide more services to the clients of these banks, and expanding the base of dealing between the clients of these banks and the services offered by member banks through Knet.

8. Key accomplishments during 2019

1. Introduced several Training Courses for Knet Employees2. 30 years anniversary celebrations.3. Open Day.4. Knet hosted a Staff Health Awareness.

9. Key projects accomplishments during 2019

In line with its strategy and plan for 2019, Knet has carried out several projects during this year, whereas these projects were characterized with distinguished level of achievements and remarkable success. Among the most prominent of these projects are the following:1. Launching the new generation of POS terminals Project,

such as a. mPOS, Spire – mobile app based Cash register b. Smart POS, Pax E800 – POS cum cash register c. Pax S900 and Q80 – standalone POS with wider

screen d. IM20 – vPOS – integrated POS, specific to vending

machines

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2. New services in POS such as, a. Discount application for merchant b. UPI Certification of POS terminals and accepting UPI card in POS3. Implementation of Debit tokenization project to accept the token transaction

in POS4. Enhancement in Government e-stamps project with instant estamp

Application in POS

10. Company’s Plan for 2020

Since its establishment thirty years ago, Knet continued to be a shared plat-form for electronic banking. It has been focusing on its primary goal of provid-ing shared electronic banking services among member banks. It is serving all the banks and added value to banks› clients through the provision of technological support. Undoubtedly, the services and products which Knet has developed and launched along its history have added real value to the primary objective of the establishment of the Company; which is clear from maintaining the Company›s continuous growth and strengthening its position in the Kuwaiti market.

In fact, the strength and solidity of the strategy that Knet applies, in addition to the Company›s policy in developing the offered services and expanding its partners base, together with Knet›s striving to apply latest information technology to improve operational environment and devise new channels in all fields and on all levels, made the Company an example to follow in the region. The Company has focused on several points in this respect, chief among them are the following:

A. Shifting from a specialized operator to a multi banking services provider:

The company has expanded the spectrum of offered services to the wider sectors in the Kuwaiti market. Among them are the government and the private sectors which includes telecommunications companies, automated services companies and etc. Moreover, Knet has connected the banking sector to the government and the private sector.

In addition, the Company has and will launch other banking services that can enhance and increase efficiency of the banking sector and member banks. These services include the following:

1. Continuing provision of the service of managing and developing ATM on behalf of banks (ATM Driving) as the Company has offered this service to several member banks. Through this service, the Company accomplishes all development and operation works including cash replenishment, reconciliation, settlements, monitoring ATMs and other works on behalf of the bank. The Company is currently striving to expand the spectrum of this service so that it comprises all member banks. Furthermore, the Company aims at providing

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this service to non-member banks as well. As a support of this object, the Company will endeavor during next year to increase the number of banks to which this service will be provided.

2. Implementation of many projects for banks & Government and the development of many special programs on POS to allow such banks to offer many distinctive services to their customers. Like DCC, NFC, E-Stamp.

3. Providing full support for small and medium-sized enterprises by providing E-Payment services for such projects like mPOS.

B. Qualifying and equipping the Company to be able to provide services to member banks efficiently:

Knet is concerned with connecting automated banking transactions between member banks on one hand, and banks in GCC countries on the other hand; which drives the Company to apply the tools and techniques that can provide the opportunity to offer these services with high efficiency and effectiveness. Among these means are the following:

1- Continue in updating and developing the Company›s systems to ensure enhancing efficiency of services provided to member banks.

2- Continue in laying policies and procedures to streamline the Company›s operational and administrative processes.

3- Continue in developing and training human resources within the Company for the purpose of improving staff experience level and pushing them to keep pace with latest developments in the Company›s field of business, in addition to updating and increasing flexibility in the job structure to guarantee enhancing staff efficiency level to ensure the provision of distinctive service to member banks.

4- Completion and implementation of Enterprise Risk Management (ERM) policy in the company with cooperation of major international companies in this field.

5- After getting ISO 27001 enterprise to strengthen the company risk and security policy. Which will effect on

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the company capability to serve its client with more trust and in secure en-vironment. Knet is aiming to get more standard certifications in the future to stay in an advance level on payment industry.

6- Achieving a high level of Customer satisfaction through market survey. Knet will focus on the customers’ needs and satisfaction to make sure the delivery of the service with high level of quality.

C. Building a strong relation with government entities:

Knet has adopted a set of policies and projects that can enhance relations with governmental entities to ensure continuity of provided services. Among these projects and policies are the following:

1- Continuing other phases of the E-stamp project after the success of this service during current year.

2- Increasing the number of government services provided through expansion in concluding secondary contracts with different governmental entities for the purpose of increasing the number of these entities; thus increasing government services provided.

D. Building a strong base of partnership with all sectors:

Knet adopts a clear and flexible policy to build a strong base of partnerships with its partners from all sectors, the following are main partnerships:

1- The strategic partnership with international companies such as Union pay International which would give wider choices for Kuwaiti banks to raise more electronic services in issuing and acquiring cards.

2- Strengthening the partnership between the company and telecommunications companies by providing the opportunity to implement E-Payments; among those services was the introduction of electronic payment service through its Kiosks in cooperation of Banks, in addition to linking these companies’ bill payments & top up services through Knet channels.

3- Build a strategic partnership with other GCC switches to enhance the payment services in the region.

E. Developing work policies and procedures and existing ones to verify their efficiency:

In order to fulfill the principles of efficiency and effectiveness in providing electronic payment services for member banks and other entities, Knet has carried out the following:

1- Applying corporate governance principle in the Company to ensure undertaking operational and administrative processes according to inter-national standards.

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2- Developing work policies and procedures for administrative and operational processes in the Company to ensure providing better service to member banks and different entities.

3- Conducting periodical review of these policies and procedures to ensure keeping pace with updates and developments that the Company makes to these services and operational processes.

4- Adapting these policies and procedures to all updates and developments that the Company performs at all levels.

5- Using SAP as one of the well know ERP solutions in the world to enhance the company Financial, HR, MIS, Operations departments.

F. Targeting Unserved segment

In line with KNET strategy plan, Knet will focus on unserved market which is identified as follows:

i. Non-Bank Customers:

i. Do not have cards issued through a Kuwaiti Bank.ii. Do not have bank accounts iii. Deal in Cashiv. No available channels to cover such segments

ii. Small & Medium Merchants:

i. Do not have bank accountsii. Deal in Cashiii. No available channels to cover such segmentsiv. The current payment channels are not feasible fo

this segment (due to cost, bank requirements, etc.)

v. Enhance current payment channels

G. Supporting existing bank customers through the following:

i. Enhance Current Usage using the current payment channels by adding more shared channels through KNET as in:a. Account-to-Account transfer through KNET ATMs

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b. Cash deposit through KNET ATMsc. Card-less transactions on KNET ATMs, POS, PG

ii. Add more channels beside ATM, POS and PG as in:a. Add Card-less/Account-less channels that can be used to pay the

customer’s bills, installments, dues, etc.

H. Non-Bank Customers through the following:

i. Introduce more channels that support Person-to Person (P2P) or Person-to-Business (P2B) payment through means of payment other than Bank Account or Cards, for e.g.

a. Using customer’s Civil ID number or cardb. Using the customer’s Mobile Number/Device

ii. Focusing on customers who depend on cash by introducing more options as in add-ing more applications, for e.g. loyalty programs.

a. Small & Medium Merchants and businesses through the following:b. Introduce more POS devices/kits that are viable for this segment, e.g.

Introducing a small POS kit with low

11. Knet Social Media Channels

In order to enhance its values and activate its role in serving the local commu-nity, and based on its social responsibility, Knet activated its accounts on social media Facebook, Instagram, Twitter and YouTube in addition to LinkedIn, as well as launching its new website aiming the following :1- Communicate with bank customers, including merchants and card holders,

to help them how to obtain services in a safe and fast manner, in addition to keep them up to date about company’s services to facilitate the process of obtaining such services.

2- Delivering a media content to learn more about the company’s services in addition to the most recent products and new services that are being launched.

3- Sending directive messages aiming to educate the local community about the importance of electronic payment, means of protection and safety.

12. Company’s strategic project in 2020

In line with KNET strategic plan, there are strategic projects that Knet shall apply during next year, which aims to developing the Company and adopting the recent technologies pertinent to electronic payment are the following:

• Launching more types of POS.• Switch migration from Base24 classic to Base24.

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• Add more services on the new payment gateway• Launching more services to the banks

In conclusion, and on occasion of the end of financial year 2019, we extend thanks and appreciation to the Company’s Board of directors and employees for the distinctive efforts during this year, hoping that this will continue to serve the banking sector and its clients.

Best regards,

Abdullah Khalid Al-Ajmi Mohammed Khaled Al-Othman Chief Executive Officer Board Chairman

Annual Report 2019 - KNet · 2. Automated Teller Machines (ATMs) The most prominent features of...

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