Home
Trends towards establishing digital banks
Economic 2024/09/16
[You must be registered and logged in to see this image.]
Baghdad: Hussein Thagb
The Prime Minister’s Representative, Dr. Mazhar Mohammed Saleh, stressed that comprehensive economic reform requires a sound and transparent financial sector that actually applies digital governance mechanisms that clarify money paths and directions and indicate any instance of manipulation.
He added that the world is developing digitally, which supports the development of economies around the world, and we must benefit from these developments, noting that Iraq is moving confidently in this field and we now have electronic payment systems that are moving in the right direction.
He stressed that the government is a strong supporter of developing the reality of electronic payment in Iraq, which represents an important step in developing the Iraqi financial sector.
Governor of the Central Bank, Dr. Ali Al-Alaq, said: The Central Bank’s management realizes the importance of expanding digital transactions and has worked to create the necessary infrastructure for this, noting that the government’s directives have increased the interest of citizens in the public and private sectors in adopting electronic payment, and this is indicated by the Central Bank through its periodic follow-ups.
He pointed out that the extent of interest in electronic payment has become clear, as the Central Bank received nearly 70 applications to establish digital banks, which led us to lay the foundations for licensing these banks. As for the Chairman of the Board of Directors of the Arab Monetary Fund, Fahad Al-Turki, he focused on the inevitability of having legal frameworks that regulate the reality of electronic payment, which naturally helps in the actual expansion of these transactions, increases public confidence in them, and ensures a safe work environment.
We sense a real desire to advance the reality of electronic payment in Iraq, and this is extremely important for developing the performance of the financial sector within an important country like Iraq.
In turn, the head of the Private Banks Association, Wadih Al-Handhal, explained to “Al-Sabah” that Iraq has been working for years to develop the reality of electronic payment in the country, and Iraqi competencies have been involved in training courses in preparation for this important stage, which Iraq is now reaping the fruits of by expanding the electronic payment base in Iraq.
He pointed out that the association attaches great importance to this aspect in order to shift to digital transactions and abandon cash transactions, as we adopt an educational plan targeting various segments of society.
He stated in his speech that the number of bank cards reached 20 million cards during the year 2023, and we expect a significant increase in this file during the current year and the coming years, indicating that “financial inclusion in Iraq increased by 48.5 percent during the current year.”
He added, "We seek to reach 60% during the next year in financial inclusion operations, and we confirm that the change is being made by the Supreme Authority, represented by the Prime Minister and his office."
The representative of the International Smart Card Company, Ghazi Al-Kanani, said: The Iraqi market is heading towards enhancing the reality of electronic transactions, pointing out that the advanced products in these transactions that serve different segments of society have effectively contributed to increasing the citizen’s confidence in these transactions that have greatly facilitated the life of the Iraqi family and kept financial transactions away from complexity and risks.
He pointed out that the Iraqi market is large and needs advanced services that are on par with what is offered globally, especially since the country has become a destination for international companies wishing to work and invest in the Iraqi market.
[You must be registered and logged in to see this link.]
» utube 9/16/24 MM&C Iraq Dinar Update - #xrpripple #iraqidinar - Electronic International Payments
» Market monopoly is in danger... and the Parliamentary Economic Committee leads the correction battle
» Document warns of environmental danger threatening southern Iraq
» Central Bank Governor: We have put in place methods to secure the provision of dollars and are subje
» MP hints at corruption suspicions in $22 billion railway contract
» MP holds Al-Sudani responsible for withdrawing important laws from the House of Representatives
» Parliamentary Oil Committee accuses the region of smuggling oil
» The Council of Ministers decides to amend the price of industrial oil
» "Al-Eqtisad News" publishes the full decisions of the Cabinet session
» Parliamentary moves to increase state financial revenues
» New mechanism for collecting tax amounts electronically
» Iraqi oil exports rose yesterday to 3.5 million barrels
» South Gas: Integrated Gas Development Project is an Opportunity to Invest Local Hands
» Artawi Project.. A new energy that ignites the Iraqi economy and extinguishes the fires of waste!
» Al-Ghais: Taxes constitute the largest percentage of fuel prices in these countries
» Is the decline in oil prices related to the rise in exchange rates? An "important" clarification fro
» Iraq imports more than 722 million tons of gasoline in three months
» Hermes: Gulf investors have become more selective after the flood of IPOs in the region
» Real estate manipulators between the jaws of the "justice pincers"
» New crime
» Conference to support the private sector
» After the {Sabah} report... a campaign to deport {illegal} workers
» Al-Sudani: Amending the Drug Law raises the level of combating it
» Numbering Nineveh buildings in preparation for the population census
» Labor: Intensive campaign to deport “illegal” workers
» Emaar: The residential complex for journalists will be transferred to an investor
» Government organizes national conference to support private sector
» Real estate inflation
» {Hypermarket}.. Central markets with a new look
» Iraq calls on the international community to shoulder its responsibilities and stop the massacres an
» Al-Maliki's coalition explains the nature of the presence of Hamas and Houthi offices in Baghdad.. A
» What are the goals of Qaani's "secret" visit to Baghdad? - Urgent
» Al-Sudani: The heaviness of the energy system problem in transmission and distribution
» Parliamentary message to Al-Sudani: You have the dangerous Kar file in your hands.. Save public mone
» 15% tax on social media applications in Iraq
» Fears of delayed salaries.. State employees face increasing financial pressures!
» General amnesty.. a step to exonerate Nour Zuhair and an opportunity for terrorists
» Iraq between stalled projects and postponed promises: years of endless waiting
» Al-Sudani: Iraq is witnessing transformations in digital reality today
» Announcing the formation of a new party in Iraq
» The electricity dilemma is stifling Iraqi industry and exacerbating the losses of the local economy!
» Parliament asks the Ministry of Planning to estimate revenues
» Iraq and Russia sign a memorandum of understanding
» Trade invites Azerbaijani companies to participate in Baghdad International Fair
» New mechanism for granting national card to citizens
» A scandalous scandal revealed by the Ministry of Labor
» The Chairman of the Accountability and Justice Commission meets the Minister of Anfal
» Al-Basri: We will announce crimes related to public money soon
» Al-Sudani: The electricity projects that were opened today had been lagging behind for years
» Cabinet decisions for today
» Al-Khalidi talks about solving the problem of the parliament presidency
» Strange statement from a former MP
» Allawi: Personal status proposal will tear Iraq apart
» Parliamentary Finance: No financial distress
» Central Bank of Iraq: Oil price drop has nothing to do with dollar exchange rate rise
» Parliamentary Oil and Gas Committee moves to host oil formations managers.. This is the reason
» Al-Masari reveals to Alsumaria the reason for the delay in deciding the position of Parliament Speak
» Al-Shammari: There is political collusion in the absence of a Speaker of Parliament
» With documents.. Parliamentary signatures to reject the railway link with Iran
» Dollar to Dinar Exchange Rates in Iraq Today
» utube 9/15/24 MM&C Iraq Dinar Update - #xrpripple #iraqidinar Digital Transformation - Global Even
» Progress reveals new political endorsement for its candidate for parliament speaker
» Al-Sudani: Announcing the end of the international coalition mission soon, and we are committed to O
» Iraq and Austria sign a loan financing agreement to stimulate the agricultural sector
» Pending amnesty and complex negotiations: Justice and politics intertwine in the parliament hall
» Amnesty Law: A New Ticket for Corruptors or a Correction of What Politics Has Broken?
» Al-Sudani turns the page on the international coalition.. 2024 is not like 2014
» Oil moves towards generalizing electronic payment in all governorates
» Economist: Decongestion projects will not succeed
» Abu Saeeda: The government is "afraid" of Washington's demand to withdraw its forces from Iraq
» What is the truth of the bargain of passing the amnesty in exchange for personal status?
» MP confirms boycott of parliament sessions due to general amnesty law
» Headed by Al-Sudani.. The Council of Ministers holds its regular session
» Rising housing prices.. Collecting parliamentary signatures to question the head of the Investment A
» Al-Fath: Equipping the Peshmerga with artillery is a first step towards the region’s military secess
» Violations and waste of public money.. Voices calling for the need to expose port corruption are ris
» Currency Auction.. The Central Bank of Iraq sells more than $ 249 million in one day
» Parliamentary Finance Committee discusses proposal to establish sovereign fund
» Karbala: Violations and delays in establishing a park worth 2.4 billion dinars revealed
» Iraq falls to fifth place in buying real estate in Türkiye during the month
» Al-Sudani diagnoses the oil problem of Baghdad and Erbil.. What about the Ceyhan pipeline?
» 500,000 salaries registered in the “Hisabi” system in the Kurdistan Region
» Al-Nusairi identifies the challenges facing Iraqi private banks and opportunities for banking reform
» "Our Country's Dream"... Al-Sudani Sends an "Important" Message to Gulf States Regarding the Path to
» 110 thousand barrels is the volume of decrease in Iraqi exports since the beginning of this month
» Economist: Iran's exports to Iraq increased 71-fold in 20 years
» Pezeshkian praises the results of his visit to Iraq
» Al-Sudani: The government seeks to buy services from investors
» Real estate manipulators between the jaws of the "justice pincers"
» Mechanism to resolve tribal conflicts in Maysan
» Decline in Iraqi exports
» Spanish company implements Basra-Shalamcheh railway
» Advisor to the Prime Minister announces to {Sabah} the launch of the {Back to Education} initiative
» Members of the Ministry of Defense in Basra demand the implementation of the allocation of land plot
» The Social Protection Authority calls on its beneficiaries to expedite the issuance of the unified c
» Trade Bank of Iraq announces mechanism for obtaining US dollars for travel purposes abroad
» House of Representatives votes on agricultural land rental bill
» Minister of Trade arrives in Baku at the head of an investment delegation