Iraq newly launched Blockchain enabled Digital Bank partners with ICS Financial systems
First Iraq Bank , a newly established digital bank in Iraq, that will utilize blockchain in the near future, has selected ICS BANKS Digital Banking platform from ICS Financial Systems Limited (ICSFS), the software and services provider for banks and financial institutions, to start its operations in Baghdad, Iraq.
First Iraqi Bank worked hard to employ an agile methodology, with a focus on high-quality technology delivery and unparalleled professional competence. After an international RFP was floated, by First Iraqi Bank, where many international vendors were evaluated, ICS Financial Systems was chosen for having a strong base of detailed market knowledge, in-depth business and technology expertise, and cognitive skills competencies.
Mrs. Shaymaa Ali Hussein, Managing Director of First Iraqi Bank stated: “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.” Mrs. Ali Hussein continued “FIB is not only a bank, it also provides a new way of finance to Iraq, that will lead the Iraqi financial infrastructure to a new era. In order to ensure success, First Iraqi Bank understood that developing the digital banking software, meant that the most sophisticated solution had to be created, and thus, choosing ICS BANKS from ICSFS was made. Our mission is to be the most efficient and innovative provider of leading and integrated products and services in the region. 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.”
FIB will be the first bank in Iraq to provide digital banking solutions. Hence, the name speaks for itself, First Iraqi Bank, will be supporting both traditional and digital banking solutions to all of Iraq for the first time. FIB joined many newly established banks in choosing ICSFS as its software technology partner. ICSFS has been servicing the banking sector for over 3 decades now, providing first-class and innovative banking and financial software solutions, and has always positioned its customers ahead of their market competition. ICSFS is the first provider of a fully digital banking software solutions in Iraq, with a customer-first approach and streamlined services of its epic best-of-breed technologies.
“With our holistic digital banking platform, First Iraqi Bank will enjoy every single characteristic of ICS BANKS Digital Banking software solutions.” Commented Wael Malkawi; Executive Directive of ICS Financial Systems – ICSFS. “Digital banking is the new norm now, as many customers around the world are choosing digitised over traditional banking services, especially with the lock-down and social distancing we are experiencing right now. We assure First Iraqi Bank, they will accelerate their digital business growth, boost process efficiency and accuracy, maximise profitability, and minimising their costs using ICS BANKS Digital Banking software solutions.”
ICSFS spokesperson told UNLOCK, ” First Iraq Bank will be utilizing blockchain in the second phase after it launches. Blockchain will be utilized for its remittance and identity management solutions.” This is not the first time ICS Financial Systems has developed blockchain solutions for the banking sector. In 2018 they worked with Jordan Investment Bank on blockchain solution for cross border payments.