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Digital transformation in the central bank and the banking sector DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Digital transformation in the central bank and the banking sector

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Digital transformation in the central bank and the banking sector Empty Digital transformation in the central bank and the banking sector

Post by RamblerNash Mon Oct 25, 2021 10:03 pm

Digital transformation in the central bank and the banking sector 18518
Economic and banking advisor Samir Al-Nusairi
 
10/25/2021

Samir Al-Nusairi*
With determination and high confidence in the ability of the Iraqi financial and technical cadres to overcome the challenges of the technical gap that Iraq suffered due to the repercussions of the siege, wars and instability during the information revolution period.
The Central Bank, banks and specialized technical companies were able to overcome the challenges that stand in the way of the digital transformation of the banking sector and stand in the right direction in the darkest economic and security conditions that our country has experienced during the past years and draw a sound road map to catch up with the technical developments in the countries of the world.
The observer of the situation in Iraq during the years (2016-2021) notes the extent of belief in the Iraqi capabilities and competencies to bring about change and bridge the technical gap between us and the developed world. This is evident in the important achievements that have been achieved, as follows:
1 - The methodology adopted by the Central Bank and implemented by banks and electronic payment companies always focuses on working under a sound legislative, regulatory and legal umbrella, as well as strengthening the concepts of governance and global standards with regard to information technology and financial technologies.
2‐ Issuance of the electronic money payment system No. 3 of 2014 and the establishment of the National Payments Council, governance controls and institutional management of information and communications technology, and legal regulations and instructions that regulate the work of banks and electronic payment service providers.
3- The central bank plays a pivotal role in establishing advanced infrastructure, pursuing the latest global technologies, and developing the bank’s financial and banking systems, payment systems, and advanced communication networks according to the latest technologies.
4‐ The central bank, banks, and electronic payment companies own advanced payment systems as well as retail payment structures, and the national exchange was one of its most important parts. Up to 12 million credit cards were issued and approximately 1,300 ATMs were distributed 
 and more than 5,000 points of sale.

5- Granting work licenses to many electronic payment service providers (card issuers, collectors, mobile payment companies’ operations, bill presenters and payment gateways through various channels).
6- Extensive interest in implementing the first objective of the first strategy of the Bank (2019-2020) and second (2021-2023),
 which is to achieve monetary and financial stability and enhance digital transformation in the banking sector through a sound financial system with interest in achieving financial inclusion and reducing risks, as well as adopting a localization project Employee salaries, which increased from 11% to 23%, and expected to achieve the target percentage in 2023.

 It is clear from the above achievements that the Central Bank, the banking sector and electronic payment companies have overcome the challenges of the technical gap due to the blockade, occupation and terrorism, and it is moving today at a steady pace to achieve digital transformation in the comprehensive financial and banking sector towards achieving financial stability and moving from the cash society to the cashless society, which is also one of the objectives of the curriculum The reformist government in the white paper for the transition towards a digital economy.

Future plans for digital transformation

1- Enhancing research and development activities for the manufacture of new banking products that are spread across governorates, districts, districts, and small cities.
2- Improving the performance of banks through new inputs based on modern technologies, as well as the development of patterns and policies that adopt modern banking techniques that the countries of the developed world preceded us to.
3- Capacity building and qualification of digital transformation leaders and human resources in the field of modern banking sciences, technology and innovation with the aim of achieving sustainable development goals.
4- Develop plans and programs that aim to transform society into a society that deals with criticism, into a non-cash society and into an information society, so that plans and strategies for economic and social development are produced while working to achieve sustainable development goals.
5- Preparing national policies and strategies consistent with the plans of the monetary authority in management, supervision and control, and in coordination with information and communication technology.

* Economic and banking consultant

https://economy-news.net/content.php?id=26663
RamblerNash
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