FIB launches Iraq’s digital-only bank

To expand potential for the nation’s banking industry, First Iraqi Bank has formally launched the first digital banking services in Iraq. By building a bank that will assist Iraq in moving toward a cashless economy, the business hopes to satisfy the growing need for better banking options in a nation that still uses cash.

“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.”

By offering the Iraqi people cutting-edge technologies, the company hopes to enhance their nation and way of life. Junad launched the first 4G-LTE network in Iraq and the first solo LTE network in the Middle East by establishing the first and only connectivity between Iraq and the global fiber network.

By creating FastPay, Iraq’s quickest, safest, and most practical mobile wallet, Junad and his team also pursued the financial technology sector. These innovations demonstrate his profound influence on Iraq’s telecommunications and internet sectors.

In order to improve the financial ecosystem of the nation and provide its citizens with access to a contemporary and effective form of banking, First Iraqi Bank was established as the country’s first digital bank. Kawa Junad founded FIB, a digital platform that combines technologies from both Eastern and Western financial institutions.