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Iraq reviews 70 digital bank applications

By Pramod Kumar
Computer, Electronics, Laptop Iraq's central bank has conducted thorough studies before establishing the regulatory framework for licensing digital banks Iraq bank 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.

Person, Electronics, Mobile Phone

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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.

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