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Cybersecurity Measures Crucial as Iraq’s Financial Institutions Embrace Digital Revolution
As Iraq’s financial services sector continues to evolve with innovative digital solutions, ensuring robust cybersecurity measures has become a top priority. The country’s traditional banks and mobile money companies are investing heavily in digital infrastructure, partnerships, and fintech collaborations to provide customers with enhanced digital banking experiences.
Current Landscape
Iraqi mobile money companies, such as Nasswallet, ZainCash, and FastPay, offer fully digital banking services through mobile devices, enabling users to conduct transactions, access financial services, and send money securely. Traditional banks like First Iraq Bank (FIB) and Al-Taeef Bank are also upgrading their digital infrastructure to provide customers with comprehensive banking services.
Recent partnerships between banks, payment service providers, and fintech companies have emerged, including:
- Rafidain and Switch
- Amwal and Ashur
- Areebla and Altaif
These collaborations aim to expand digital payment acceptance infrastructure and provide merchants with access to POS machines and credit cards.
Improvements Needed
To accelerate progress in the financial services sector, it is essential for payment service providers to continue investing in digital infrastructure to support seamless and secure digital banking experiences. Additionally, collaboration between traditional banks and fintech companies can drive financial inclusion and offer convenient, user-friendly services.
However, strengthening cybersecurity measures has become a top priority. The Central Bank of Iraq, along with government, banking institutions, fintech companies, and other stakeholders must work together to establish a robust legal and regulatory framework for consumer data security and protection in the digital banking era.
Key steps include:
- Developing comprehensive data protection regulations
- Promoting industry standards
- Conducting regular audits and assessments
- Educating consumers about data privacy
Conclusion
The role of technology in shaping the future of banking and financial services in Iraq is significant. As the sector continues to evolve with innovative digital solutions, ensuring robust cybersecurity measures has become a top priority. By working together, stakeholders can establish a secure and efficient digital banking ecosystem that benefits its citizens and contributes to financial inclusion and economic growth.