The Iraqi Central Bank reveals a trend to license digital banks

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The Iraqi Central Bank reveals a trend to license digital banks

On Sunday, the Central Bank of Iraq announced its intention to issue licenses to several digital banks.

“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,” according to a statement issued by the Central Bank of Iraq.

During the gathering, they “talked about reinforcing two-sided relations between the National Bank of Iraq and the World Bank, particularly the rebuilding of government banks, sending off the Riyada Bank project and its financial and social significance, and examining the encounters of adjoining nations in facing environmental change and its effect on the public and provincial economy.”

The meeting talked about “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,” as well as “small and medium enterprises and their support by the Central Bank.”

As per the assertion, the lead representative explored “the National Bank of Iraq’s arrangement to rebuild the financial area, demonstrating that this bank has finished the principal period of the arrangement and has started the subsequent stage.”

He said, “The Central Bank’s Board of Directors 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.”