Boubyan Bank Inks a Collaboration Agreement with Holistic Development & Consulting 

As a part of its constant commitment towards its customers to providing the best products and services, Boubyan Bank has announced that it has concluded an agreement with Holistic Development & Consulting in order to provide advisory support to SME entrepreneurs in financial control and bookkeeping, using effective tools that cater for the daily needs of such projects.

On this occasion, Mr. Zaid Al Sadoun, Executive Manager of the Business Banking Department for SMEs at Boubyan Bank, stated: “The collaboration agreement concluded with Holistic emanates from the attention given by the senior management to supporting young Kuwaiti entrepreneurs who are establishing private business or projects that require effective financial control. This comes as a part of the bank’s corporate social responsibility towards the Kuwaiti society, and helping young Kuwaiti entrepreneurs manage their projects successfully.”

Al Sadoun went on to explain: “This agreement will contribute to raising the awareness among private business owners and young Kuwaiti entrepreneurs who own SMEs. This will be done through the provision of modern tools to activate the best ways for financial control.” Moreover, he dwelt on many aspects related to management of new projects, setting of strategies and long-term visions to manage projects in terms of finance, operation or human resources in order to enhance a project’s efficiency and enable entrepreneurs to grow their businesses and make it successful.

Speaking about the aspects of the agreement, Al Sadoun elaborated: “The agreement entitles Boubyan Bank Business Banking customers to a 25% discount at the financial services and a financial control package as per the condition of  Holistic Development & Consulting in addition to a business incubator package including full financial statements, daily journals, banking reconciliation, financial analysis and the application of  the “Xero Accounting System” in addition to paying a monthly field visit by the representatives of Holistic for financial follow-up.”

“Since the establishment of the Business Banking Unit, Boubyan Bank has been determined to provide diverse and exceptional benefits and smart banking solutions, marked by ease, smoothness and understanding the needs of projects. This is now being done by a group of our young staff who advise entrepreneurs around the clock in addition to understanding the nature of Kuwaiti youth and what they always look for once they think of starting their own project.”, Al Sadoun added.

Al Sadoun dwelt on the business sector by stating: “Boubyan Bank provides many banking services to the business sector such as account-management, submitting applications, balance-checking, and having access to account details in addition to the ability to perform other online services such as staff salary transfers, local and international transfers, chequebook request, request of audit certificates, accessing all the accounts, printing and loading account statements, deposit service and many other services.”

The payroll service, same as other services, is marked by being fast and easily performed online in addition to the availability of many POS terminals which make sale transactions easier at companies, and make the process smoother and more secure in light of all such benefits. Moreover, Boubyan Bank offers the gateway service to the business sector, which is designed to enable companies and retailers to manage their online commercial transactions.

Al Sadoun added: “The package of banking solutions and services include the ePay service, which is a payment collection service provided by Boubyan Bank to companies to enable them to collect their payments by sending an SMS including the invoice number to customers who can make an online payment using their debit cards. Additionally, a corporate Visa card has been designed specifically to provide cardholders with exceptional benefits and giving them the chance to have access to a great deal of offers and unique experiments from the world’s leading brands.”

New Kuwait Vision 

Mr. Abdulrahman Al-Duaij, Managing Partner of Holistic stated: “We are happy with this cooperation with Boubyan Bank which is in line with the New Kuwait Vision, and which aims at supporting SMEs entrepreneurs among young Kuwaitis, thereby making the parties of this partnership contributors to the Kuwait Vision 2035.”

Speaking of the agreement, Abdulaziz Al Houqal, Managing Partner of Holistic stated: “This fruitful cooperation between Boubyan Bank and Holistic achieves a common interest for both parties, and add value to subscribing customers while serves the SMEs segment which needs this kind of steering and advisory support in order to improve the operational and financial efficiency of projects.” 

The managing partners at Holistic highlighted the importance of financial control and the role it plays in the establishment of SMEs, where it is deemed the main factor for rendering such projects successful, while directly contributing to changing and correcting the financial and administrative path of such companies. SMEs entrepreneurs do need to have a daily follow-up with their projects using modern accounting applications and systems that can meet the needs of such companies in terms of profit sustainability, minimization of risks and helping them grow.