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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq is turning to digital banks.. What does it offer to the banking sector?

    Rocky
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    Iraq is turning to digital banks.. What does it offer to the banking sector? Empty Iraq is turning to digital banks.. What does it offer to the banking sector?

    Post by Rocky Mon 27 May 2024, 7:31 am

    Iraq is turning to digital banks.. What does it offer to the banking sector?

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    Economy News - Baghdad
    [rtl]The Iraqi banking system may soon receive banks of another type called (digital banks). What are these banks and will the citizen, the banking system, and the Iraqi economy benefit from them? Files that the beneficiary of the banking sector services in Iraq is trying to ask.[/rtl]
    [rtl]Financial expert Ziad Al-Hashimi says, “Online banks, also known as digital banks or neo-banks, are banking financial institutions that operate completely and exclusively over the Internet, and unlike traditional banks, where digital banks usually do not have physical branches.” In cities, they rely on providing their services on the website and mobile phone applications, and the banking services that citizens, merchants, and institutions need can be provided through phone applications.” [/rtl]
    [rtl]He continues, “The most important advantages of digital banks are the ease of opening an account, accessing and managing the balance, lower fees and costs, and having diverse and distinct services (such as budget applications, spending plans, and flexible integration) and other advantages. Because of these advantages, digital banks have begun to spread in many countries in Europe.” And the Americas and Asia, and among these banks - Chase bank - Monzo - Revolut - Starling - Tide and other digital banks.”[/rtl]
    [rtl]Al-Hashemi explains, “The issue of the success and expansion of this type of bank is linked to the state of the economic environment and the nature of society, as these banks often rely on non-cash electronic operations that are active in an advanced banking system, and a society that tends to use cards instead of cash in its transactions.”[/rtl]
    [rtl]The financial expert calls on the Central Bank of Iraq to “wait a little in granting licenses to digital banks, evaluate all these risks and challenges, and search for new timings to launch this type of banks. They must be aware of the availability of favorable conditions and the presence of high chances of success, instead of haste and adventure, as this is a recipe.” "Ready to fail."[/rtl]
    [rtl]The establishment of any digital bank, inside Iraq, requires that about 30% of its shares belong to a traditional bank, and the services should be published via the Internet and mobile phone applications, and there should not be any branch, but only the general administration, and all services via the Internet, such as issuing a bank card and financial transfers. Deposits, loans, etc.[/rtl]
    [rtl]Iraq owns more than 70 banks, many of which were subjected to US sanctions, while the financial inclusion rate reaches a low level due to weak confidence between the banking sector and citizens as a result of the bankruptcy of some of them.[/rtl]
    [rtl]The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, had previously confirmed, on the sidelines of a celebration organized by the bank, that the steps achieved in financial inclusion that were accomplished today are accelerating and can close the gap that occurred during the past years as a result of the circumstances that Iraq went through.[/rtl]
    [rtl]Al-Alaq stated that the bank has ongoing meetings with the Iraqi government to expand the customer base in electronic payment methods and enhance financial inclusion, “as we see a great response from various state institutions in the context of expanding the financial and banking culture in Iraq.”[/rtl]
    [rtl]Al-Alaq said, “The factors that lead to the success and expansion of the role of financial inclusion are the citizen’s confidence in the institutions and tools available to him, as well as his vision of his interest in using them.”[/rtl]
    [rtl]He continued, "The Central Bank has become at the forefront of global central banks by using various financial technologies that provide speed and accuracy," revealing at the same time that "the bank has received large numbers of applications to establish digital banks. The concerned departments are working on the possibility of granting it a license to carry out its work in accordance with the controls and instructions issued." By the bank.[/rtl]
    [rtl]For his part, financial expert Mahmoud Dagher believes in a press interview followed by Al-Iqtisad News that “digital banks are natural banks, just like traditional banks, but they operate through applications and do not have face-to-face dealings.”[/rtl]
    [rtl]According to Dagher, digital banks can perform their work as an independent digital bank or even as classic banks, pointing out that the young generation has now become knowledgeable in using financial technology for withdrawal, transfer, etc.[/rtl]
    [rtl]Today, Iraq has one digital bank, while many applications are waiting for the green light from the Central Bank of Iraq to grant them a license to carry out their work in accordance with the controls and instructions issued by it.[/rtl]
    [rtl]According to the Central Bank of Iraq, licensing requirements to practice digital banking activity include that digital bank licenses in Iraq do not exceed (10%) of the total licensed banks, in addition to the presence of an economic feasibility study that includes business plans, strategies, and financial indicators for 4 years, including the technical aspect and services. scheduled to be launched.[/rtl]
    [rtl]It is noteworthy that these digital banks are subject to all laws, regulations and instructions issued by the Central Bank, including the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015.[/rtl]


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