The central bank goes beyond the technical gap and the challenges of digital transformation

The central bank goes beyond the technical gap and the challenges of digital transformation

With the utmost confidence and confidence in the ability of the Iraqi financial and technical cadres to overcome the challenges of the technical gap that Iraq has suffered due to the repercussions of the siege, wars and instability during the period of the information revolution.

The Governor of the Central Bank of Iraq, in his opening speech at the Digital Transformation Forum in the financial sector, held in Baghdad with the joint cooperation between the Association of Iraqi Private Banks and the Jordanian-Iraqi Economic Association, in a broad presence of the Jordanian specialized companies, which exceeded 30 companies led by the Jordanian Minister of Digital Economy and Entrepreneurship, And the measures taken by the Central Bank to overcome them and to stand in the right direction in the near economic and security conditions suffered by our country during the past years and chart a sound road to catch up with technical developments in the countries of the world.

The follower of the situation of Iraq during the past five years shows the extent of faith in the capabilities and competencies of Iraq on the events of change and bridging the technical gap between us and the developed world and this is evidenced by the achievements of the important and as follows:

1. The methodology adopted by the Central Bank has always focused on working under a sound legislative, regulatory and legal framework, as well as promoting the concepts of governance and international standards regarding information technology and financial techniques.

2. Issuance of the electronic payment system for funds No. 3 of 2014, establishment of the National Payments Council, corporate governance and corporate governance regulations for information and communication technology, and legal regulations and regulations governing the operation of banks and electronic payment service providers.

3 – The Central Bank plays a central role in the establishment of advanced infrastructure and pursuit of the latest global technologies and the development of the bank’s financial and banking systems and payment systems and advanced communications networks according to the latest technologies.

4 – the possession of the central bank for advanced payment systems as well as payment structures retail and was the national division of the most important parts.

5 – Granting work permits to many electronic payment providers (card issuers, collectors, processing of mobile payment companies, bill payment and payment gateway through different channels).

6 – Extensive attention to the implementation of the first objective of the strategy of the Bank for the years (2016-2020) is to achieve financial stability through a sound financial system with attention to achieving financial inclusion and reduce risks as well as the adoption of the project to settle the salaries of employees.

It is clear from the above achievements that the Central Bank has overcome the challenges of the technical gap due to the siege, occupation and terrorism. It is currently at a steady pace to achieve the digital transformation in the financial sector towards achieving financial stability and moving from the monetary society to the society of money. It is also one of the objectives of the government platform in the fourth axis ).

Bank advisor
Samir Al Nusairi

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