This will be made up of eight systems that enable real time payments in a safe, secure, reliable and efficient manner and are ready for FinTech deployment. Internally, we are re-engineering all processes in regulations to enhance data gathering and analysis, and fully digitizing processes in all supervisory functions. This will be a pre-requisite for our future implementation of artificial intelligence and SupTech. Central Bank of Kuwait - Public ‫ عام‬- ‫بنك الكويت المركزي‬  - 17 -  In addition, we are working on other initiatives such as the Open Banking Framework, which will provide clients with comprehensive information on their financial standing across multiple banks. We are also in the process of rolling out our E-KYC framework, which will allow anyone to open an account electronically, easily and efficiently. In 2014, Kuwait issued the Electronic Transaction Law, which provides the legal foundation for electronic payments and made digital signatures legally binding. In terms of collaboration, the CBK has undertaken a number of initiatives to increase cross-border cooperation with other regulators in the region. For example, we are working with more than 20 countries on developing the Arab Payment System, in addition to the GCC Real Time Gross Settlement System. In addition, the CBK is spearheading a GCC-wide cybersecurity framework to allow for seamless security information-sharing across the region, in order to safeguard GCC banking institutions and mitigate cyber threats.
Central Bank of Kuwait - Public ‫ عام‬- ‫بنك الكويت المركزي‬  - 16 -  But as the industry goes through its transformation, we the regulators must also consider how we should operate in the future. We need to take a proactive and dynamic approach to promote innovation, and act as a catalyst for the industry. We need to promote collaboration and share our experiences with each other to develop frameworks that will fit the needs of our societies. And we need to focus on capacity building to ensure that our staff can meet the future challenges of the industry. We at the CBK firmly believe in innovation, collaboration and capacity building; principles that are the driving force behind many of our recent initiatives to fulfil our role as an enabler and catalyst for the industry. In terms of innovation, the CBK is playing its part to support the banking industry. Last year, we launched our FinTech Regulatory Sandbox. Globally, 36 innovation labs and 48 regulatory sandboxes have already been introduced by different regulators. Regulators are using these tools to create a safe space for experimentation in innovative products and services, thus ensuring the safety and soundness of the financial system but without stifling innovation.16 We at the CBK are also preparing the infrastructure for future aspirations that would enable a truly digital economy. We are developing a state-of-the-art infrastructure project, the Kuwait National Payment System.