Friday, December 9, 2022

The First Iraqi Financial institution is Iraq’s First Digital Financial institution. Founder Kawa Junad Shares Insights on the Breakthrough

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Expertise has drastically modified the banking trade. From the normal deposits in bodily places, purchasers can now conduct banking transactions from computer systems or cellular gadgets. Digital purchases have additionally skilled an increase in demand, making companies prioritize cashless modes of fee.

Sadly, not all international locations profit from this technological development. Iraq, for instance, stays a cash-based nation. The Worldwide Commerce Administration shares that lower than 20 p.c of Iraqis have financial institution accounts, and most banks are solely used as change homes and ATMs.

This financial local weather sparked Kawa Junad’s imaginative and prescient to shift the Iraqi monetary world to undertake digital monetary know-how and enhance the lives of many Iraqi folks, making it extra handy and environment friendly.

Kawa Junad is the Founding father of First Iraqi Financial institution (FIB), a breakthrough digital financial institution and a brand new monetary ecosystem that will permit Iraq and different neighboring areas to enter the world of monetary know-how with the peace of mind of getting a stable superior basis.

FIB as a Sport Changer in Iraq’s Rising Monetary Expertise

Mr. Junad understands the necessity to develop monetary applied sciences in Iraq. Impressed by his success in constructing FastPay (at the moment Iraq’s quickest, most secure, and most handy cellular pockets) and the rise of digital banking globally, he established the primary digital financial institution in Iraq, the First Iraqi Financial institution (FIB).

FIB combines all the newest know-how in banking and fee options from Western and Jap international locations in a single digital banking platform. It makes use of how digital banking is finished in different international locations, together with bank-to-bank fee by QR code scanning.

It offers a full scope of on-line banking companies to the Iraqi inhabitants and goals to increase its operations worldwide. Though FastPay can present numerous fee options, First Iraqi Financial institution completes the client expertise by assigning every buyer with an IBAN (Worldwide Financial institution Account Quantity) to permit cross-border transactions.

FIB additionally goals to convey monetary freedom to Iraqi folks by introducing a direct fee processing system with fewer or near no third events concerned. That is one other innovation, particularly for Iraq and different international locations that closely depend on third events to course of funds with retailers.

As Kawa Junad explains, “What we’re introducing now in Iraq is totally different. We’re eliminating the third events in the case of direct fee processing between any financial institution inside Iraq and all different international locations that use the identical know-how for inside processing. It is going to end in no processing payment as a result of it’s all inside fee. Customers may even have their knowledge protected with them as a result of they don’t have to share it with third events anymore.”

Imaginative and prescient On The Altering Future

Mr. Junad’s 20 years of mixed capabilities and experience within the telecommunication trade embark on his journey to offer top-tier technological options in Iraq and rethink the complete communications and panorama of the nation.

“We all know precisely the wants and attempt to invent one thing new even when it’s not out there. As an alternative of going by any legacy in that enterprise, we develop one thing that accommodates the market’s wants. We all the time create win-win options. We by no means do what’s occurring now however take a look at the long run and create what is required for then,” Kawa Junad shares.

All through his profession, his fundamental objective was to enhance the nation and life for the Iraqi folks by offering them with progressive applied sciences. He took the chance of Iraq’s potential and the altering and creating authorities coverage to accommodate and undertake new applied sciences to advance the nation’s monetary banking system.

Mr. Junad expounds, “We used the chance to steer the evolution of Iraq’s monetary banking system and convey it to the highest. FIB would be the motive that within the subsequent 5 to 10 years, the unbanked international locations you see proper now will probably be on the prime of the record in the case of the digital banking service and fee processing companies. It will likely be increasing in a short time to different international locations as properly.”

His huge affect on the telecommunication and web trade modified the area years in the past. Now, Mr. Junad leverages the present buyer demand for superior, safe, and inexpensive banking companies and options within the nation. He’s undoubtedly an integral a part of the numerous transformation in Iraq’s banking trade.

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