Clare: Switzerland wants investment opportunities for its companies in Iraq
Baghdad –
Today, Saturday, the Prime Minister received the Swiss Ambassador to Iraq, Daniel Hohn, after the reopening of the Swiss Embassy in Baghdad. The latter confirmed the desire of his country’s companies to work and benefit from investment opportunities in Iraq.
Al-Sudani’s office said in a statement received by 964 Network:
Prime Minister Mohammed Shia Al-Sudani received today, Saturday, the Swiss Ambassador to Iraq, Mr. Daniel Hon, who is the first ambassador of his country after the reopening of the Swiss Embassy in Baghdad.
The Prime Minister welcomed the reopening of the Swiss Embassy after about 33 years of closure, and considered it an important step and a new stage in relations between the two countries, stressing the importance of activating the joint working committees, which would contribute to more fruitful bilateral cooperation.
The meeting witnessed an emphasis on the mutual desire to strengthen Iraqi-European relations, especially in light of the stable security situation in Iraq, the development renaissance that included all vital economic sectors, the government’s support for the work and investment environment, and the creation of constructive economic partnerships.
For his part, Ambassador Hon stressed that reopening his country’s embassy in Baghdad would contribute to strengthening mutual relations, and help Swiss companies to operate in Iraq and benefit from available investment opportunities.
The meeting touched on the ongoing Zionist aggression on Gaza and Lebanon, its targeting of defenceless civilians, the role of the European Union in stopping this massacre, and the position of the international community required to limit the expansion of the conflict in the region, and the dangers and threats it poses to regional and international security. LINK
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Clare: Digital Banks: The Next Phase of Digital Transformation in the Egyptian Sector
10/5/2024
With steady steps, the Central Bank continues to implement the banking reform strategy, one of the main objectives of which is to achieve digital transformation in the banking sector, which the Central Bank began in 2017 with clear stages included in its first, second and third strategies.
During the past two years, cooperation between the government, with the personal support and follow-up of the Prime Minister, and the Central Bank was a fundamental step to activate and accelerate the transformation to digital government and the transition from a cash economy to a digital economy, focusing on developing payments within Iraq and using technology to improve financial inclusion, developing information technology, establishing digital banks, using artificial intelligence in banking services, and using modern technologies in loans, compliance, risk management, combating money laundering and terrorist financing, and combating banking fraud.
The results during 2023 and 2024 recorded a qualitative leap in the volume of transactions in electronic payment operations and the use of modern banking technologies.
The rate of digital transformation and electronic payment increased to 48.5% compared to 20% in the past years. This is an indicator that confirms the success of the plans and procedures adopted to achieve a major transformation with a distinguished national effort for digital transformation and electronic payment.
This joint effort by the cadres of the Central Bank, the government, banks and electronic payment companies has clearly contributed to having an advanced infrastructure to implement and accommodate electronic payment tools and various financial services.
The banking reform has now entered the phase of transformation to digital banks, and the Central Bank is currently examining and auditing about 70 requests to license new digital banks according to the precise controls and conditions adopted by the Central Bank.
This constitutes a real and promising start for technical banking development in Iraq, bridging the technical gap with the countries of the world in this field. This facilitates the provision of smart banking services, reduces the chances of fraud and corruption, and provides important data on the nature of transactions, their control, and compliance.
Therefore, digital banks are a new stage of digital transformation and banking reform. We hope that the Central Bank will soon take the first step by licensing digital banks that show, through examination, audit and study, that they are committed to the applicable controls and conditions. LINK
