The Governor of the primary bank of Iraq, Ali Al-Alaq, announced on Thursday that the bank has obtained approximately 80 packages to set up virtual banks, stressing that the names of licensed digital banks will be announced soon. Al-Alaq instructed the reliable company, “The central bank has obtained among 70 and eighty programs to establish a digital bank. This wide variety can only be certified according to a set of criteria based on market studies, the nature of the work, and the experiences of different international locations, in which the range of digital banks generally does now not exceed , three, or four.”
He continued, “therefore, we have began vetting techniques to decide requirements in a manner that guarantees that licenses are granted to entities with the satisfactory qualifications.” He emphasized, “we’re now within the final degrees of announcing the banks in order to be licensed.”
He brought, “before making the very last choice, we engaged Oliver Wyman to check the criteria set with the aid of the significant financial institution, based on which licenses could be granted.”
Al-Alaq also defined that “the aforementioned organization has been reading those standards during the last few days, having been preoccupied with the banking reform record and the comprehensive plan, and we believe we will receive a final answer inside the following few days.”
