A few days after joining the Qatar Financial Center platform, the Zurich based fintech startup Instimatch Global has entered the Kuwaiti market, with the Gulf Bank as its first a client in the Middle East. With over 58 branches and total assets of KD 6 billion, the Gulf bank is one of the leading banks in Kuwait.
Founded in 2017, 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 international digital network connects borrowers with lenders within the huge unsecured money markets, providing more efficient access, better pricing and the ability to diversify counterparty risk.
The startup has now set foot in Kuwait after signing the first client, the Gulf Bank one of the leading banks in the country, with a broad offering of consumer banking, wholesale banking, treasury, and financial services. Gulf Bank has an extensive network of 58 branches, with total assets of KD 6 billion, and is rated ‘A’ by the four leading credit rating agencies.
Joining over 80 leading institutions from across Europe and the Middle East and North Africa (MENA) region, the 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.
Acknowledging this achievement, Daniel Sandmeier, CEO of Instimatch Global, said: “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.”
(Press release)
Photo by Ahmad Mohammed on Unsplash
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