UAE-primarily based challenge capital fund EQIQ has introduced a $3-million anchor funding in a brand new digital banking startup led by using Iraqi-American finance veteran Hussain Qaragholi (pictured).
the total $15-million investment spherical will assist the release and early boom of the next-generation, AI-pushed platform.
the new undertaking aims to transform Iraq’s underdeveloped banking area via supplying scalable, client-focused virtual offerings. Iraq, the MENA region’s fourth-largest financial system, stays extensively underserved in virtual finance.
Qaragholi, founding father of Phoenix Finance partners, has held senior roles at Merrill Lynch, Citigroup, and Deutsche financial institution. He performed a prime role in Iraq’s $22-billion debt restructuring and sovereign bond services, and presently serves on RAND business enterprise’s global and rising dangers Board.
Mohamed Al-Hakim, Founding partner at EQIQ, stated:
“Hussain’s deep global monetary expertise, blended together with his strong connection to Iraq’s monetary landscape, positions him uniquely to lead Iraq into a new generation of virtual banking … This is not pretty much launching a bank- it is approximately laying the digital basis for Iraq’s future financial system.”
Hussain Qaragholi introduced:
“this is Iraq’s leapfrog moment … With EQIQ’s backing, we are constructing more than a financial institution; we’re constructing the rails for digital finance throughout Iraq and beyond.”
