Ajar the First PropTech to be Approved by the Central Bank of Kuwait

Press release

Published November 1st, 2021 - 10:28 GMT

Ajar.

Ajar has been officially recognized by the Central Bank of Kuwait as a certified Online payment provider in Kuwait.

In December 2018, the Central Bank of Kuwait (CBK) issued a new law requiring all companies operating online payment gateways in Kuwait to comply with a certain set of standards. The decision came at a time when financial technology in Kuwait was booming, and many companies were initiating online payment gateways without a strong regulatory framework in place.

Ajar is proud to be the first PropTech to have met the Central Bank’s new guidelines and gained their certification. Ajar’s payment gateway is used by over 15% of the Real Estate Market in Kuwait and captures 1.5% of GCC market, where rent payers have entrusted the platform to safely and securely manage their invoice payments online.

Mohammed AlMunaikh, CEO of Ajar, commented on the occasion saying, “This milestone is a door-open to offer value-added services to the real estate market by being a one-stop-shop for all real estate related transaction”.

Background Information

Ajar

Ajar is a real estate technology company, offering a suite of solutions to simplify the lives of tenants, landlords, and property managers. Ajar’s property management platform facilitates quick online rent payment and invoice collection, insights, tenant management, and a number of features to help property managers make smart decisions. Ajar currently operates in Kuwait , UAE, Bahrain and KSA.