LAUNCHING A PRIVATE BANKING REFORM PLAN IN PARTNERSHIP WITH IRAQI AND INTERNATIONAL INSTITUTIONS
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the launch of a comprehensive plan to reform private banks, in partnership with local and international institutions. He emphasized that the next phase will witness a qualitative shift in the nature of banking services, based on innovation and digital transformation.
During the Iraqi Banking Sector Reform Conference, which was attended by an Al-Eqtisad News correspondent , Al-Alaq said that Iraqi banks have made significant strides in developing their banking services, but they are required to further embrace modern technology. He emphasized that artificial intelligence must be at the core of future investments in the banking sector.
He added: “The world is witnessing a broad transformation in the financial structure and banking systems, which requires traditional banks to keep pace with this radical change by offering innovative services that meet customer aspirations amidst the tremendous technological acceleration.”
The Central Bank Governor indicated that digital currencies will play a vital role in accelerating payment and money transfer transactions, requiring banks to develop their digital infrastructure.
He also noted that central bank digital currencies (CBDCs) could reshape the global banking landscape, adding: “Successful banks of the future will be those that embrace digital transformation tools and integrate artificial intelligence into their daily operations.
