The Role of the Central Bank of Iraq in Promoting Digital Transformation and the Use of Financial Technology in Iraq for the Period 2017-2023

Abstract

To enhance the pioneering role played by the Central Bank of Iraq in leading the financial inclusion process and developing banking infrastructure and electronic payment systems, advanced methodologies must be developed that contribute to moving towards achieving digital transformation in the Central Bank of Iraq and the banking sector and through the gradual shift to adopting digitisation and adopting concepts. The technical dimension is based on electronic governance to organise work and manage tasks, jobs and events with quality, efficiency and speed through the use of advanced financial technology indicators, that is, digital. The research problem was: What is the role of the Central Bank of Iraq in transforming the banking sector and non-banking financial institutions towards the digital economy? As for the research goal, it became clear through the contribution of the Central Bank of Iraq to digital transformation and financial technology. As for the research hypothesis launched: Is there a relationship between digital transformation and digital financial technology in the Iraqi banking sector? The research reached a set of conclusions, the most prominent of which was that the indicators of digital transformation in Iraq need to be stronger. This affected keeping pace with developments in financial technology indicators in Iraq, and the most prominent recommendations were the necessity of work by the Central Bank of Iraq towards broader trends towards digital transformation through a policy emphasising the banking and non-banking sectors.