04 Jun 2013
Willingness has been announced by the Microsoft to develop the banking sector in Iraq by using high-end technology in financial transactions.
It has to be mentioned that for a long time, major portion of the Iraqi banking sector is controlled by the state run banks of Iraq. However, very recently, private banks are venturing into it and making the scenario to look a bit changed.
Standard Chartered bank and few other foreign banks have announced their keenness for doing business in Iraq. The size of financial transactions performed in private and public banks were the center of attention of relevant governmental entities.
As the technologies are not new and they are very feeble to implement for bigger aspects of work, the country was previously advised to streamline its banking sector through introducing new technologies. Venture of Microsoft into the banking sector of Iraq will definitely provide seamlessness in the electronic banking sector of Iraq.
Amin Al Sabbagh, Microsoft’s representative, remarked, “We want these institutions to make use of Microsoft’s expertise used in most of the international banks; in the aim of taking the banking sector to a new level. Today we also want to reiterate our wish to use legal licenses from Microsoft.”
As the traditional methods have become too old, introduction of the technology will help the banks to grow swiftly, as mentioned by the experts. Swift transaction and baking process will also aid the consumers of Iraq.
Manaf Al Badry, head of Private Banks’ Union, remarked, “The services provided by banks require safety which is provided by accurate systems. Every banking institution needs such systems including financial establishments since they deal with money transferring and require technical monitoring.”
Central Bank of Iraq and Ministry of Finance work alongside for the development of the banking sector of Iraq. Training programs for the engineers has been started to provide excellent banking opportunity to the Iraqi consumers. Banking security will also be enhanced through the venture of Microsoft technologies as expected by the experts and finance or banking officials of Iraq.
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Updated 04 Jun 2013 | Soruce: Al Sumaria | By S.Seal