Financial Technology in Iraq (Reality, Challenges and Ways of Confrontation)

Abstract

The Fintech financial technology market is witnessing clear growth at the beginning of the third millennium. This market includes many technologies, especially electronic payment, blockchain, and technology solutions in the field of regulatory compliance (Regtech), insurance, and wealth management, as well as financing and lending techniques. The financial technology sector has represented a revolution in the financial and banking system due to its ownership. With real capabilities to make financial products faster, less expensive and more transparent, the research aims to try to diagnose and shed light on the reality of financial technology in Iraq and by presenting the reality that actually exists and the most important challenges that must be overcome. The research concluded with a set of conclusions, the most important of which is that Iraq is still in the first generation. From financial technology, which most countries have skipped to the second generation, this technology is concentrated in the electronic payment sector, other sectors of technology, and it became clear that electronic payment data has been growing over the years studied. The research also concluded that the banking sector can benefit from telephony as it is an opportunity that can be exploited to expand the scope of financial technologies. It also became clear that there are many challenges facing the government and the monetary and financial authorities to expand the financial technology sectors

It also became clear that the financial and banking sector did not benefit from some features, especially telephone density and Internet users, to be a pillar for expanding the scope of financial technologies. Finally, the research recommended the need to benefit from some Arab experiences in this field and transfer what is compatible with the Iraqi business environment, especially the experience of the Emirates, Saudi Arabia, Egypt, and Bahrain. Finally, the research recommended many Ways to overcome challenges