KUWAIT: As part of Gulf Bank’s strong commitment to being a leader in the field of blockchain technologies, the Bank showcased its WISE Investment Service at the 2018 East Chain Open Hub (ECOH) Conference, entitled “The Modern Age of Enlightenment”, which took place on 2 and 3 May at Al-Shaheed Park in Kuwait City.

Focusing on the state of this cutting-edge technology today and its significance for different industries, the event shed light on relevant regulations and demonstrated how businesses can prepare for the impending blockchain revolution.

During the event, Tareq Al-Saleh, Assistant General Manager for Investments at Gulf Bank, discussed financial technology and robo-advisory in the region and elaborated on the impact of blockchain technology on asset management.

“Blockchain technology can help in the elimination of redundant functions, reduce operational expenses, and increase opportunities to enhance the client experience, while also enabling companies to generate a much clearer client profile. While it is unlikely to replace current systems, it will take on an important complementing role in enabling new infrastructure for markets and products,” Al-Saleh said. Al-Saleh also showcased Gulf Bank’s WISE Investment Service, a first-of-its-kind investment service in Kuwait launched in September 2017. WISE is an advisory portfolio management service for affluent, high net worth and ultra-high net worth customers, helping them diversify their investments and invest in international markets in an easy, transparent and cost-efficient way. “Gulf Bank’s WISE Investment Service offers multiple, tailor-made portfolios based on investment objectives, length of investment and risk preferences. It allows customers to view their investment portfolio anytime and anywhere, with easy access through secure online and mobile banking. There are no transaction costs and a simple, cost-effective fee structure in one annual management fee,” Al-Saleh added.

The ECOH Conference gathered people from around the world to highlight the latest advancements in the field of blockchain technology and discuss opportunities as well as challenges related to its adoption. The event offered participants the unique opportunity to engage in discussions with blockchain enthusiasts from all over the world.