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Digital banks in Iraq
Economical 10/06/2024
Muhammad Sharif Abu Maysam
The process of digital transformation in the Iraqi banking sector, which is proceeding at an accelerated pace, coincides with the emergence of so-called digital banks, which are a new experience for the entire world.
It is joyful that the transformation processes in the infrastructure of digital exchange and trading mechanisms indicate the eligibility and possibility of working with this type of performance. Banking, after the Central Bank of Iraq received about (60) to (70) applications to work in digital banks, according to a statement by the Governor of the Central Bank.
The digital bank is defined as a bank without branches and does not have a 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... Paper documents such as cheques, payment entries, bank transfers, etc. are accepted.
What distinguishes this type of banking services from dealing in cryptocurrencies or so-called digital currencies is that the latter are not licensed for circulation in Iraq, as
they are currencies that were not issued by global central banks and do not have a physical existence, which means that
dealing with them is subject to the control of those who monopolize technological sciences.
Information can be issued more without the supervision of any central bank, while
digital banks will trade cash issued by the Central Bank of Iraq and currencies issued by global central banks.
There is an important detail in this part, as the great development in information technology will continuously push the wheel of digital transformation in financial exchanges and transactions, which will make it more likely that cryptocurrencies will be accepted in the contexts of digital exchanges sooner or later, as is the case now in many countries of the world and countries of the Middle East, and
thus It is necessary to keep pace with the rapid transformations in the sciences of the knowledge economy (information technology, communications engineering, nanosciences, and others) by establishing universities specialized in these sciences and their relationship with the specializations of banking and financial sciences.
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 gigantic financial capabilities, and
because of the direct importance of these entities in the central functions of 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, and unlike it, the future belongs to whoever has control over networks. Internet and good at investing money.
https://alsabaah.iq/103616-.html
Economical 10/06/2024
Muhammad Sharif Abu Maysam
The process of digital transformation in the Iraqi banking sector, which is proceeding at an accelerated pace, coincides with the emergence of so-called digital banks, which are a new experience for the entire world.
It is joyful that the transformation processes in the infrastructure of digital exchange and trading mechanisms indicate the eligibility and possibility of working with this type of performance. Banking, after the Central Bank of Iraq received about (60) to (70) applications to work in digital banks, according to a statement by the Governor of the Central Bank.
The digital bank is defined as a bank without branches and does not have a 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... Paper documents such as cheques, payment entries, bank transfers, etc. are accepted.
What distinguishes this type of banking services from dealing in cryptocurrencies or so-called digital currencies is that the latter are not licensed for circulation in Iraq, as
they are currencies that were not issued by global central banks and do not have a physical existence, which means that
dealing with them is subject to the control of those who monopolize technological sciences.
Information can be issued more without the supervision of any central bank, while
digital banks will trade cash issued by the Central Bank of Iraq and currencies issued by global central banks.
There is an important detail in this part, as the great development in information technology will continuously push the wheel of digital transformation in financial exchanges and transactions, which will make it more likely that cryptocurrencies will be accepted in the contexts of digital exchanges sooner or later, as is the case now in many countries of the world and countries of the Middle East, and
thus It is necessary to keep pace with the rapid transformations in the sciences of the knowledge economy (information technology, communications engineering, nanosciences, and others) by establishing universities specialized in these sciences and their relationship with the specializations of banking and financial sciences.
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 gigantic financial capabilities, and
because of the direct importance of these entities in the central functions of 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, and unlike it, the future belongs to whoever has control over networks. Internet and good at investing money.
https://alsabaah.iq/103616-.html
