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Digital Banks in Iraq
Economic 2024/10/06
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The digital transformation process in the Iraqi banking sector, which is proceeding at an accelerating pace, coincides with the emergence of so-called digital banks, which are a new experience for the entire world. It is gratifying that the transformation processes in the infrastructure of digital exchange and trading mechanisms indicate the eligibility and possibility of working with this type of banking performance, after the Central Bank of Iraq received about (60) to (70) requests to work with digital banks, according to a statement by the Governor of the Central Bank.
A digital bank is known as a bank without branches and has no physical presence, as it provides its banking services remotely, by carrying out operations with its customers using Internet platforms, phone or tablet applications, and other electronic channels based on modern technology solutions, which means that it does not practice banking operations that rely on paper documents such as checks, payment restrictions, bank transfers, and others.
What distinguishes this type of banking services from dealing with cryptocurrencies or so-called digital currencies is that the latter are not licensed for trading in Iraq as they are currencies that were not issued by global central banks and do not have a physical presence, which means that dealing with them is subject to the dominance of those who monopolize information technology sciences and can issue more of them without supervision from any central bank, while digital banks will trade in cash issued by the Central Bank of Iraq and currencies issued by global central banks.
There is an important joint in this part, as the great development in information technology will continuously drive the wheel of digital transformation in financial exchanges and transactions, which will make it more likely that cryptocurrencies will be accepted in the context of digital exchanges sooner or later, as is the case now in many countries of the world and the Middle East. Therefore, it is necessary to keep pace with the rapid transformations in the sciences of knowledge economy (information technology, communications engineering, nanosciences, etc.) by establishing universities specialized in these sciences and their relationship to banking and financial sciences specializations. If the government cannot support the existence of such research and scientific entities, it is better for the Central Bank of Iraq to undertake this support, with its huge financial capabilities, and because these entities are of direct importance in the functions of the Central Bank related to managing monetary policy affairs, which will gradually turn into a digital policy related to the existence of a knowledge society driven by scientific institutions and led by capital. Otherwise, the future belongs to those who have dominance over the Internet and are skilled at employing money.
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