Credit: Tumisu from Pixabay.

First Iraqi Bank (FIB), an upcoming digital-only bank, has selected ICS Financial Systems’ (ICSFS) ICS BANKS Digital Banking platform to go live.

The digital bank selected the ICSFS platform through a competitive tender process.

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According to ICSFS website, the ICS BANKS Digital Banking platform is used for rendering personal banking services. It leverages latest technologies and touchpoints to enable internet and mobile banking, online customer onboarding, payments and customer engagement among others.

First Iraqi Bank managing director Shaymaa Ali Hussein said: “The need for a digital bank in Iraq today is long overdue since it is dominantly a cash society. Through our experience, having cutting edge technology, digital banking is the next logical step.

“We shall aim to provide Iraqi citizens with innovative, convenient, secure and affordable banking services and solutions.”

Hussein added: “First Iraqi Bank chose ICS Financial Systems’ digital banking software solutions as they showcased outstanding functionalities and features that cover our current and future digital banking needs. We are happy with our selection and are looking forward to expanding our banking services using ICSFS’ cutting-edge technologies.”

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With the aim to reach a large under banked population in the country, FIB will offer traditional and digital banking services.

It will offer customers a free and fully licenced bank account which they can open using phones. The customers will also be able to use the FIS app for making payments and remittances.