Shafaq News/ On Saturday, the Governor of the Central Bank of Iraq (CBI), Ali Al-Allaq, predicted a significant increase in the number of digital banks in the country, potentially surpassing neighboring nations.

He made this statement during the Electronic Payment Conference on Financial Stability in Iraq.

Al-Allaq stated, "The experience of digital banking worldwide signifies a shift toward a trend that aligns perfectly with technological advancements and their application in various operational directions."

He added, "Digital banks are rapidly expanding globally, with annual financial transactions amounting to approximately $5 trillion. This figure is expected to reach around $7 trillion by 2027."

Al-Allaq highlighted the importance of this trend, noting, "This is a crucial indicator that urges us to stimulate and focus on this sector. Iraq is expected to be one of the leading countries in digital banking, with a greater number of digital banks compared to its neighbors."

He also mentioned that "before launching the licensing round for digital banks, CBI conducted extensive studies and reviewed experiences from other countries. We have established the necessary rules and regulations for licensing this type of bank."