| 2008: Iraqi Digital Economy |
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April 10, 2008 The Iraqi banking system is the main artery financer of the various processes of economic and social development plans; it is the system which collects national savings, on one hand, and grants them in the form of loans and credit facilities in several areas, on the other... The banking system in Iraq is one of the vital links that have contributed to the national economy in various economic and social activities... The banking and financial sector is at the forefront of service sectors affected by the "global economy" trends in the area of IT and communication revolution due to the nature of its activities. The technical challenges faced by this sector are due to the large number of computer systems in this sector where accelerating the development rates of the banking work internationally is connected to the availability of the foundations of knowledge in "digital economy" which is based on information technology services and digital exchange of information, as well as mobile phones and other electronic pillars. This was reflected in the evolution of electronic trade. Actions have been made to modernize the banking sector through the provision of banking services by using the Internet and entering the field of electronic trade, as well as the modernization of the institutional frameworks that support the transition to comprehensive banking services and continue to provide innovative... International information network "Internet" became an important source of access to financial services and the mechanism recognized for the completion of financial and banking transactions in accordance with the standards that do not require consultation; banks are facing a new competition in the development of electronic distribution, and even new activities were developed called the work close to the banks, such as software companies and information network service providers, which are expected to become part of the banking work... And the most important question here is, where is the Iraqi banking sector from these developments. Source: Iraq directory |