Citi is launching a new commercial card offering in Kuwait. The bank’s transaction services unit is aiming it at local large corporates and multinational clients with offices in the Gulf state, and sees the launch as part of its drive to strengthen its commercial card offering in the growing Gulf region and throughout its Europe, Middle-East and Africa (EMEA) operations. The latter two regions are still offering growth, unlike the former.
With Kuwait added to the list of issuing countries, Citi Commercial Cards are now available in over 100 countries, with local currency issuance in over 65 markets. The launch in Kuwait is part of Citi’s strategy of expanding its cards business globally and brings a product suite with unsurpassed global acceptance, claims the bank, allied to consistent customer experience and the opportunity for clients to obtain greater visibility on their corporate spend.
Ozgur Kutay, Citi’s country corporate officer for Kuwait, has been working extensively with the Central Bank of Kuwait to ensure the new product adheres to all the requirements of the local regulator while meeting Citi’s clients’ global needs. Commenting on the launch, Nadeem Saleh, head of Citi Transaction Services (CTS) for Kuwait, added: “Offering the full suite of global commercial cards products is a great addition to the local offering and we are once more breaking new ground in Kuwait. Our corporate and public sector clients will benefit from a sophisticated global offering which addresses one of their biggest needs – namely, efficiency in payments and processes.”
According to Steve Robson, EMEA head of wholesale cards, CTS: “It is a major achievement to add Kuwait to our global footprint. Our clients are looking more than ever for efficiencies and for a consistent offering across all markets and by expanding into Kuwait we are able to help them streamline the whole process of expense management and optimise their working capital position.”
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
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