Governor of the Central Bank: We issued controls for licensing digital banks in Iraq, 25 DEC

 Governor of the Central Bank: We issued controls for licensing digital banks in Iraq

Economy News _ Baghdad

The Governor of the Central Bank, Ali Al-Alak, announced on Tuesday the launch of strategic projects to support digital transformation, while pointing out that the Central Bank has issued controls to license digital banks in Iraq.

Al-Alak said in a speech during the fourth annual international scientific conference, entitled (Digital Financial Services – Challenges of Reality and Future Foresight) and followed by “Economy News”, that “The conference was organized in partnership between the Financial and Accounting Center and a number of universities and academic institutions, which gives a picture aimed at discussing developments in the field of financial and digital services and the challenges they face in addition to foresighting the future of this vital sector.”
He added that “the world has witnessed since the late eighteenth century, four inventions that changed its face, the first with the invention of the steam engine, the second electric, the great production, and the third that occurred in the mid-twentieth century in the electronics and information technology revolution, which began in 2000, which focused on artificial intelligence, the Internet and robots, as well as huge information.”
He explained that “the Central Bank paid great attention to digital transformation as one of its goals within its third strategic plan for the years from 2014 to 2026 to enhance the efficiency of banking, improve financial performance and meet the needs of customers in light of rapid technological development. ”
He continued: “The Central Bank has taken great steps to support digital transformation by rotating the technical infrastructure and issuing regulations and instructions that contribute to enhancing financial inclusion,” pointing to “starting the launch of strategic projects, including the project of instant payments, local cards and unified payment gates, as well as issuing controls to license digital banks in Iraq, taking into account the requirements of cybersecurity and the risks associated with this transformation.”
He pointed out that “the objectives of the conference, which include identifying the current challenges of digital financial services, orientalising future trends and promoting innovation and cooperation with the relevant authorities, reflect the urgent need for joint work.”
He stressed that “cybersecurity is one of the most important challenges facing us today, so the Central Bank has launched projects to enhance cybersecurity through the development of cyber security management center tools and systems, and adopting an advanced approach to enhance the cyber security of the Central Bank and the banking sector.”
He continued, “Artificial intelligence and its role in the digitization of financial services has become a subject that cannot be ignored, as it opens new horizons for the innovation and improvement of services, and we at the Central Bank of Iraq believe that financial technology complements the future of the financial sector, which requires strengthening efforts to prepare national cadres capable of absorbing and developing these technologies,” stressing “the Central Bank’s commitment to continue its efforts to achieve financial digital transformation and promote innovation and sustainability in the financial sector.”