Banking & Finance Iraq reviews 70 digital bank applications By Pramod Kumar September 16, 2024, 4:19 AM Unsplash.com/rupixen Iraq's central bank has conducted thorough studies before establishing the regulatory framework for licensing digital banks Iraq’s central bank is reviewing applications for 70 digital banks to drive fintech growth. Digital banks are prevalent worldwide, managing financial transactions between $5 to $7 trillion annually, state-run Iraqi News Agency reported, citing Central Bank of Iraq governor Ali Al-Alaq. He said Iraq has conducted thorough studies before establishing the regulatory framework for licensing digital banks. No other details were given. NewsletterGet the Best of AGBI delivered straight to your inbox every week NewsletterGet the Best of AGBI delivered straight to your inbox every week In May 2023, Saudi Arabia’s Arab National Bank (ANB) said it would invest $38.2 million to set up a new bank in Iraq. ANB, one of the kingdom’s largest lenders with assets of SAR214.04 billion ($57 billion), will own a 20 percent stake in the newly formed Arab Bank Iraq. Meanwhile, Egypt will open its first digital bank – “onebank” – towards the end of the year. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt since it issued licensing regulations for companies wishing to apply last July. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
