Al-Alaq: 70 Digital Banks Applied for a License from CBI

Baghdad – INA
 
The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed on Saturday, that 70 digital banks have submitted license applications to the Central Bank. He also noted the widespread presence of digital banks globally.
 
Speaking at the Electronic Payment Conference for Financial Stability in Iraq, attended by the Iraqi News Agency (INA), Al-Alaq stated: "Digital banks are prevalent around the world, managing financial transactions ranging from 5 to 7 trillion dollars annually."
 
He added, "We conducted thorough studies before establishing the regulatory framework for licensing these digital banks."
 
Al-Alaq continued, "We were surprised by the volume of applications for digital banking licenses, which ranged from 60 to 70 banks, and we are currently in the process of reviewing the applications."
 
He emphasized, "We are committed to keeping pace with global advancements and pursuing development. There is ongoing engagement with numerous domestic and international entities on two levels, which depend on the banking sector and the Central Bank's capabilities to foster progress and contribute to the creation of various programs and applications."
 He further noted, "Iraqi cadres possess the ability to adapt and evolve."
 
Al-Alaq also highlighted that "the Central Bank has significant contracts with specialized companies and selects global firms for the development of programs, alongside its international collaborations."

 He pointed out that "the Central Bank maintains strong relationships with international banks, electronic payment companies, and central banks worldwide, and continues to foster active cooperation with key financial institutions."