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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    "Electronic banks" compete with traditional banks.. Will they succeed in Iraq?

    Rocky
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    "Electronic banks" compete with traditional banks.. Will they succeed in Iraq? Empty "Electronic banks" compete with traditional banks.. Will they succeed in Iraq?

    Post by Rocky Thu 10 Oct 2024, 4:16 am

    [size=35][size=35]"Electronic banks" compete with traditional banks.. Will they succeed in Iraq?[/size]
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    2024-10-09 | 15:32
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    Source:
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    The Director of the Information and Communications Technology Experts Group revealed, on Wednesday, “exciting” details regarding “electronic banks,” reviewing the extent of their success in Iraq.


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    Hussein Al-Bahadeli said during his interview with the “After Investigation” program, which is broadcasted by:[You must be registered and logged in to see this link.]Al-Fadaiya: “Electronic banks have become an alternative to traditional banks, as they do not have infrastructure in the traditional form.”


     
    He added, "It is just a main headquarters with electronic infrastructure of servers, communications devices and databases," explaining that it is "an electronic system that has no headquarters on the ground except for the location of the senior management."
     
    Al-Bahadli pointed out, "It has the same laws as traditional banks," adding, "In Britain, for example, there are about 350 electronic banks."
     
    Regarding whether the Iraqi environment is suitable for the work of these banks, Al-Bahadli said, “The government and the Central Bank must be qualified and have a staff with the highest level of experience and infrastructure and be able to follow up on the real balance of the citizen and the balance he has in the bank’s servers and databases,” adding, “The fear of hacking the servers is because Iraq does not have data centers that are protected and Iraq does not have this infrastructure.”
     
    He continued, "Our problem is that we have transformed from a totalitarian state to an open state, and today Iraq is practicing totalitarianism," adding, "Everything is in the hands of the Central Bank, and neither its senior management nor its personal cadres are qualified, and this is not an insult. They have their specialization, their duty, and their experience."
     

     
    Al-Bahadli considered that "the citizen will be in a big dilemma because any breach will make the process of recovering his money very difficult," noting that "the Iraqi state is putting itself in danger and imagine if these banks took deposits and were hacked and Iraq does not know how to protect information because we do not have a cadre in Iraq."
     
    Regarding whether it will affect cyber work in the country, Al-Bahadli said, “There is a fear of money theft,” adding, “In Britain, the amount of money stolen from digital banks reached 120 million pounds during the first half of 2024.”
     
    The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed in press statements that 70 digital banks had submitted a license application to the bank, while he indicated that digital banks are widespread in the world and their funds range from 5 to 7 trillion annually.
     
    Watch the full episode of the program “After Investigation”, click[You must be registered and logged in to see this link.].


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