The Iraqi Central Bank reveals a trend to license digital banks
The Iraqi Central Bank reveals a trend to license digital banks
2024-05-20
Sunday, the Central Bank of Iraq revealed a plan to license a number of digital banks.
A statement by the Central Bank of Iraq stated that “Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received a delegation from the World Bank headed by the Regional Director for Equitable Growth, Finance and Institutions for the Middle East and North Africa, Nader Muhammad.”
During the meeting, they “discussed strengthening bilateral relations between the Central Bank of Iraq and the World Bank, especially the restructuring of government banks, launching the Riyada Bank project and its economic and social importance, and discussing the experiences of neighboring countries in confronting climate change and its impact on the national and regional economy.”
The meeting discussed “small and medium enterprises and their support by the Central Bank, developing the financial and banking sectors, non-banking financial institutions, financial markets and the insurance sector, as well as benefiting from the World Bank’s experiences in digital transformation, financial inclusion, and digital banks.”
According to the statement, the governor reviewed “the Central Bank of Iraq’s plan to restructure the banking sector, indicating that this bank has completed the first phase of the plan and has begun the second phase.”
He pointed out, “The Board of Directors of the Central Bank licensed the Green Bank, which will be the nucleus for renewable energy and sustainable financing initiatives, revealing the Central Bank of Iraq’s intention to license a number of digital banks.”
burathanews.com
