Jordan Kuwait Bank Awarded "Best SME Bank in Jordan" in 2024

May 26, 2024

Jordan Kuwait Bank has been awarded the "Best SME Bank in Jordan" in 2024 by Global Banking & Finance Awards magazine. This award recognizes the bank's unwavering commitment to providing innovative financial services and supporting small and medium enterprises (SMEs) in the Kingdom through digital banking solutions and diverse financial offerings.

The bank tailors its wide range of services and products, including financing, current accounts, bank transfers, and advisory services, to meet the specific needs of these companies. This prestigious accolade reflects the bank's ongoing efforts to strengthen its role as a strategic partner for SMEs, offering integrated financing solutions and comprehensive banking services.

Commenting on this achievement, the CEO of Jordan Kuwait Bank, Haethum Buttikhi, said, "We are delighted to accept this prestigious international award, which solidly underscores our dedicated support for SMEs. We firmly believe in the pivotal role this sector plays in bolstering the national economy, and we are fully committed to providing the essential support and financing needed to help them realize their potential."

Buttikhi continued, "This award reflects our continuous efforts to provide the best services to SMEs, meeting their financial and banking needs to expand and develop their businesses. Jordan Kuwait Bank will continue its strategy of offering tailored solutions and services to meet the needs of SMEs, which constitute more than 90% of the total companies operating in Jordan.”

Fadi Khalil Head of Corporate Business at Jordan Kuwait Bank, said, "Over the past three years, we have diligently developed infrastructure and leveraged technological advancements to empower companies, particularly SMEs, to access electronic services. This has resulted in accelerated business processes, improved financial transaction management, and enhanced cash management, positively impacting these companies' outcomes."

The bank introduced the Corporate Workflow system to automate and digitize credit applications flow including legal documentation, expediting processes, and enhancing efficiency. This automation has streamlined customer responses and credit approvals, aligning with evolving financial transactions and economic conditions.

Collaborating with global banking transaction leaders, the bank also launched a Transaction Banking & Cash Management system. This system enables corporate customers to access all necessary banking services electronically without the need to visit a branch, allowing for account and company management and financial operations from a single platform, anytime and anywhere, regardless of quantity.

We firmly believe in the significance of offering non-financial services that foster SME growth. Consequently, the bank has introduced a dedicated platform for SMEs, tailored to meet their financial and non-financial requirements. This platform provides flexible and convenient options, facilitating direct connectivity between their businesses and the bank to streamline operations. This serves the clients of these companies, empowering them to compete effectively in their respective sectors.

Furthermore, Jordan Kuwait Bank also opened three new business centers dedicated to SMEs in Marka, Al-Muqabaleen, and Irbid. These centers offer non-financial and advisory services, promoting financial inclusion and empowering SMEs to expand regionally.

In collaboration with various entities, the bank provides non-financial services to startups, contributing to improved banking operations and creating new job opportunities.

The bank has partnered with international entities to offer low-cost financing, aiming to alleviate financial burdens amidst global interest rate increases. Moreover, it supports green finance initiatives, aligning with the Central Bank of Jordan's green strategy. As a leader in this sector, Jordan Kuwait Bank issued the first Green Bond in the Kingdom, advancing its strategic goal of environmental sustainability and bolstering Jordan's regional role in climate risk management.

The bank offers a range of dedicated banking products for SMEs, including Businesswomen, Startup Financing, Vehicle Loan, and Tourism Sector products, along with Mastercard "Direct Company Deposit" cards for easy cash deposits, enabling cash deposits through ATMs into the company's account at any time without the need to visit any of the bank branches.

Looking ahead, Jordan Kuwait Bank will expand its SME network by further enhancing non-financial services, developing its business portfolio, and utilizing modern technology and best banking practices to support SMEs in contributing to the national economy.