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The Association of Private Banks praises the Iraqi Central Bank’s approach to establishing digital banks
Expenses
Economy News - Baghdad
The Executive Director of the Iraqi Private Banks Association, Ali Tariq, praised the Central Bank’s approach to establishing digital banks to keep pace with the great development in the global banking sector.
Tariq said in an interview with Al-Iqtisad News,
“The world is moving towards the digitization of banking services, and
Iraq has begun its first steps in establishing digital banks, as
until now there is a digital bank licensed inside Iraq, and
it provides its services normally to the public.” He pointed out that "the
Central Bank of Iraq issued instructions to license banks, which
set their number at a rate not exceeding 10% of the total banks operating inside the country, with
a capital of 100 billion dinars, with traditional banks participating at a rate of 30%." He added,
"Digital banks are similar to traditional banks, but
they differ in that they do not have branches, and
most of their services are via mobile phones," noting that the
size of central banks in the world has increased significantly and has reached more than 500 digital banks. Tariq noted that
“traditional banks are still providing their services through applications, and
they are keeping pace with the development taking place in the banking sector.”
views 481 Added 05/13/2024 - 9:55 AM
https://economy-news.net/content.php?id=43371
Expenses
Economy News - Baghdad
The Executive Director of the Iraqi Private Banks Association, Ali Tariq, praised the Central Bank’s approach to establishing digital banks to keep pace with the great development in the global banking sector.
Tariq said in an interview with Al-Iqtisad News,
“The world is moving towards the digitization of banking services, and
Iraq has begun its first steps in establishing digital banks, as
until now there is a digital bank licensed inside Iraq, and
it provides its services normally to the public.” He pointed out that "the
Central Bank of Iraq issued instructions to license banks, which
set their number at a rate not exceeding 10% of the total banks operating inside the country, with
a capital of 100 billion dinars, with traditional banks participating at a rate of 30%." He added,
"Digital banks are similar to traditional banks, but
they differ in that they do not have branches, and
most of their services are via mobile phones," noting that the
size of central banks in the world has increased significantly and has reached more than 500 digital banks. Tariq noted that
“traditional banks are still providing their services through applications, and
they are keeping pace with the development taking place in the banking sector.”
views 481 Added 05/13/2024 - 9:55 AM
https://economy-news.net/content.php?id=43371
