Gulf Bank Signs With Swiss Lending Startup for Digital Cash Deposits12. February 2020
Gulf Bank has signed up as a client of Instimatch Global, the international digital network for institutional money market lending.
This marks Instimatch’s entry into the Kuwaiti market, with Gulf Bank joining over 80 leading institutions from across Europe and the MENA region on the Instimatch network. These include banks, corporate treasuries, pension funds, insurance companies, asset managers and family offices.
Founded in 2017 in Switzerland, Instimatch Global is changing the way cash deposit transactions take place, by digitalising traditional voice brokerage and by moving from local to global execution. Its cloud-based network connects borrowers with lenders within the huge unsecured money markets, providing more efficient access, better pricing and the ability to diversify counterparty risk.
Gulf Bank is one of the leading banks in Kuwait, with a broad offering of consumer banking, wholesale banking, treasury, and financial services. Gulf Bank has a large network of 58 branches, with total assets of KD 6 billion, and is rated ‘A’ by the four leading credit rating agencies.
Gulf Bank will be able to use the Instimatch network as part of its treasury operations, in order to source additional money market opportunities, with full control over counterparties.
A unique aspect of the Kuwaiti money market is that the Government of Kuwait (AA-rated) fully guarantees all deposits at local banks (Central Bank of Kuwait, Law Number 30 of Year 2008).
Abdulwahab Al-Banna, the Assistant General Manager at the Bank’s Treasury Department said:
“Out of all the alternative systems I have seen, Instimatch is by far the best.”
Daniel Sandmeier, CEO of Instimatch Global, commented:
“We’re delighted to welcome Gulf Bank to our rapidly expanding cash deposits network. This step marks another important milestone in our development in the Gulf region. Kuwait offers a uniquely attractive opportunity for lenders on our platform, as the Kuwaiti government guarantees deposits.”
Featured image credit: Gulf Bank