First Iraqi Bank Announces Iraq's Fully Digital Bank, Gears for a Cashless Economy in the Country

Arasat Al Hindi, Iraq--(Newsfile Corp. - December 12, 2022) - First Iraqi Bank has officially launched Iraq's first digital banking services to provide further opportunities for the banking sector in the country. The company's goal is to meet the rising demand for improved banking options in a cash-based country by establishing a bank that will help Iraq transition to a cashless economy.

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"Digital banking has become more prevalent in recent years, but the innovation is still underutilized in some countries, including Iraq," says founder Kawa Junad. "With our new digital banking application, we can now provide digital-first banking services including full-scope online banking and direct digital transactions without third-party providers."

"It also enhances the customer experience by assigning each customer an IBAN (International Bank Account Number) to allow cross-border transactions," he adds.

Junad explains, "First Iraqi Bank is more than just a digital bank. It's a big platform. It is a new financial ecosystem. You can call it a software app, which includes so many services. It's a financial institution that would allow Iraq and other countries to enter the FinTech world with a solid advanced foundation."

The company's goal is to improve the country and life of the Iraqi people by providing them with innovative technologies. Junad inaugurated the first and only interconnection between Iraq and the international fiber network, launching the first 4G-LTE network in Iraq and the first standalone LTE network in the Middle East.

Junad and his team also pursued the financial technology industry by developing FastPay, Iraq's quickest, safest, and most convenient mobile wallet. These breakthroughs prove his massive impact on Iraq's telecommunication and internet industry.

About First Iraqi Bank (FIB)

First Iraqi Bank is the first digital bank in Iraq, created to enhance the country's financial ecosystem and give its people access to a modern and efficient way of banking. Founded by Kawa Junad, FIB runs on a combination of technologies adapted from the Eastern and Western banking systems into one digital platform.

Contact Details:

Contact Person: Lucy Petsikyan
Email: [email protected]

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