MilitiaMan Friday Afternoon "Digitilization of Iraq and the Region" 5-14-2021

KTFA:

MilitiaMan:  There is a clear and concise move to digitalization for Iraq and the region. (See articles below)

We saw the like of 200 Senior officials from banks and Central Banks around the world with the BUNA conference on the sixth of May. Then on the 8th of May there is more on the digital transformation of the country.

Now we see 300 Banks and from 20 Arab States are to attend a virtual event on the same topic of digitization in the coming days. 

To gather this sort of attention is for a serious reason, one is for security and stability an other is transparency and to fight corruption.

The big players know all to well that if not in check, they'll be ripped off. With the new system, that worry will be far less now than at present.

Keep in mind those that have a need to know of what to expect from the level playing field will be there. They know know now that Iraq is open for business.

The recent NIC plat form from the GOI told us that investors can now make application to get into investments. That will require international standards. Along with it an exchange rate that complies too.

We see today they expectation to pay salaries is post Eid Al-Fitr. That is not far off.

Also note the fiery citizens are getting restless. All point to positive pressure.. They will need to have show time sooner than later.

Show time is 18th - 20th of May.  imo Things are looking very good indeed!!! ~ MM

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Samson:  ARAB DIGITAL BANKS SUMMIT

#ADBANX2021 May 18-19-20, 2021 12:00- 16:00 GMT

The Largest Virtual Event in the Arab Region on Digital Banks

Summit Stakeholders:

 Arab Banks

Over 300 Arab Financial Institutions shall participate with attendance including CxOs, innovation and products leadership, customer experience teams, and digital transformation leadership.

Financial Regulators

Participation from Central Banks in the 20 Arab states with attendance including senior staff in compliance, innovation, and digital transformation.

Fintech & Regtech

Participation from Fintech associations, Fintech scale-ups, and start-ups, Fintech & Regtech Venture Capitalists, and Angel Investors.

Summit Topics

1- Digital Banks Regulatory Frameworks & the Model Arab Digital Bank Initiative.

2- Digital Banks Strategy Comparisons-Spin-Off, Organic, M&A.

3- Customer Experience – What Matters the Most for Digital Banks.

4- How is the Arab Banking Sector Positioned in a Global Highly Competitive Open Banking Landscape.

5- Central Bank Digital Currency (CBDC) – What it means for Banks.

6- Digital Labs – Case Studies from Arab Banks.  LINK

Don961:  THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP TO DISCUSS BUNA’S COMPLIANCE STANDARDS AND INFORMATION SECURITY CERTIFICATION

 6th May, 2021

The workshop is hosting guest speakers from international specialized entities

More than 200 senior officials will attend, representing central banks and a wide spectrum of financial institutions from the region and beyond

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He pointed out that the Central Bank of Iraq launched the "digital enrollment service", which is the first of its kind in Iraq, which is an integrated digital financial system that promotes independence and financial liberation from traditional financial systems, as it works to transform Iraq into a country less dependent on cash, which enables the state to bypass bureaucracy. In financial transactions within the operating banks in Iraq.

Khalaf added, "Our sponsorship of this conference confirms our interest in the issue of digital transformation, and our keenness to continue investing in infrastructure and database, applying the latest existing technologies, providing banking services in a large scale and investing in human capital for a better future for our upcoming generations."

We are certain that digital transformation is the prevailing trend to achieve national integration, and it has been proven that we have three areas and outlets that are used in various fields, namely the land, the sea and the air.

Therefore, Iraq has to consider the cyberspace as its fourth field because of its effective and clear impact. In leading national tasks such as economic development, trade, transactions, social, medical and health interactions, government operations, and national security.

He said: Iraq adopted the National Cybersecurity Strategy to provide strategic measures and procedures to ensure the security and protection of the Iraqi presence in cyberspace, protect the digital infrastructure, and build and nurture a safe and reliable internet community, as this strategy consists of several supportive short, medium and long-term plans.

As for the managing director of the Arab Company for Electronic Payment, Haider Al-Obeidi, he stressed that the direct cooperation between the Central Bank of Iraq and the providers of electronic lift services has contributed to the consolidation of the electronic payment infrastructure, in terms of the database, governance rules and instructions, and local and international compliance.

He pointed out that the companies licensed by the Central Bank, Visa and MasterCard, and the two operators were able to support most banks in issuing international cards and portraying the reality of electronic payment services.  LINK

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Minister of Finance Ali Allawi stated that «the transition of Iraq to the digital age is one of the most important priorities of the government»,

Pointing out that «the transfer of the national economy to the digital age requires skills and a great effort on the part of the government and the private sector, in order to achieve this qualitative leap, which is built on the basis of strengthening Digital infrastructure, and this requires investments in the telecommunications sector and digital work, to lift the Iraqi economy from focusing on narrow sectors to a wider stage. 

Allawi revealed, "The Ministry of Finance directed to convert a small government bank into a fully digital bank, in addition to adopting important projects in government banks to start diversifying digital capabilities. As for a member of the British House of Lords, Baroness Emma Nicholson, she described this summit as a mission at a time when the world is heading to expand in the field of digital economy, which is an important transition in the management of global economies, stressing "the need to benefit from this experience."

In turn, the representative of the company organizing the conference, Ahmad Al-Jader, explained that “Iraq's need for such international conferences is a necessity in light of the widespread demand to adopt advanced technologies that contribute to shortening time and effort in order to reach the stages of sustainable development,” indicating that “the shift towards transactions Digital and governance are greatly undermining corruption. ”  link