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[size=36]Central Bank Governor Ali Al-Alaq: 70 digital banks have submitted a license application to the Central Bank[/size]
economy | 12:09 - 09/14/2024
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Mawazine News - Baghdad
The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed today, Saturday, that 70 digital banks have submitted a license application to the bank, while indicating that digital banks are widespread in the world.
Al-Alaq said at the Electronic Payments Conference towards Financial Stability in Iraq: "Digital banks are widespread in the world, and their funds range from 5 to 7 trillion annually."
He added: "We conducted in-depth studies until we reached the establishment of rules for licensing these digital banks."
He pointed out: "We were surprised by the number of applicants for digital banks, which reached 60 to 70 banks, and we are in the process of studying the applicants' requests."
He continued: "We are keeping pace with developments and moving towards development, and there is communication with many external and internal parties, and it is on two levels that depend on the banking sector and the capabilities of the Central Bank to keep pace with development and contribute to developing various programs and applications," stressing that "the Iraqi cadre is distinguished by its ability to adapt and develop."
He pointed out that "the Central Bank has important contracts with specialized companies, and chooses international companies to develop and implement programs, in addition to international cooperation," noting that "the Central Bank has effective relations with international and global banks, in addition to electronic payment companies, as well as its relationship with central banks, and it has continuous movement in cooperation with important banks."
Al-Alaq said at the Electronic Payments Conference towards Financial Stability in Iraq: "Digital banks are widespread in the world, and their funds range from 5 to 7 trillion annually."
He added: "We conducted in-depth studies until we reached the establishment of rules for licensing these digital banks."
He pointed out: "We were surprised by the number of applicants for digital banks, which reached 60 to 70 banks, and we are in the process of studying the applicants' requests."
He continued: "We are keeping pace with developments and moving towards development, and there is communication with many external and internal parties, and it is on two levels that depend on the banking sector and the capabilities of the Central Bank to keep pace with development and contribute to developing various programs and applications," stressing that "the Iraqi cadre is distinguished by its ability to adapt and develop."
He pointed out that "the Central Bank has important contracts with specialized companies, and chooses international companies to develop and implement programs, in addition to international cooperation," noting that "the Central Bank has effective relations with international and global banks, in addition to electronic payment companies, as well as its relationship with central banks, and it has continuous movement in cooperation with important banks."
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