Digital transformation in the financial sector .. an imperative

[6ly410]

Digital Transformation driving Iraq’s Vision 2030

At SAP NOW Iraq shows best practices in digitizing government, oil and gas, banking and education

By  Kevin Sebastian Published  July 7, 2019

Nationwide digital transformation is driving Iraq Vision 2030's diversified economic growth and job creation, and GDP growth to 8 percent in 2020.

 

http://www.itp.net/619315-digital-transformation-driving-iraqs-vision-2030

 

The undersecretary for Administrative and Financial Affairs at the Iraqi Ministry of Communications, the German Ambassador to Iraq, and global technology company SAP announced at an event on the future of Iraq's digitization.

 

As the Iraqi government advances Vision 2030 and invests in reconstruction, Iraq's real GDP growth is set to nearly triple to 8.1 percent in 2020, especially thanks to an increase in diversified economic growth, according to a recent report by the World Bank.

"Achieving Iraq Vision 2030's nationwide transformation goals requires a government with real-time insights across every ministry and level of government," said Dr. Karim Mezel Shebbi, Undersecretary for Administrative and Financial Affairs at the Iraqi Ministry of Communications

"Public-private partnerships, such as with SAP, can provide digital government services that can make Iraq's government more responsive and predictive to citizens' needs, and foster new levels of diversified economic growth and youth job creation."

Showing the strong trade opportunities, the European Union is Iraq's second-biggest trade partner. Bilateral trade ranked at 16.6 billion Euros in 2017, according to a recent report by the European Commission.

 

"Germany-headquartered companies have long been strong trading partners, and with Iraq's economy growing," said His Excellency Cyril Nunn, Ambassador of the Federal Republic of Germany to Iraq. "SAP's new investment and office are a major landmark for Germany-headquartered companies to exchange knowledge and best practices to support Vision 2030 nationwide transformation and reconstruction."

Supporting Iraq's nationwide digital transformation, SAP announced a long-term Iraq investment plan and its first-ever in-country office in Baghdad. As part of these investments, SAP will exchange global best practices in supporting the digitization of the public and private sectors, especially government and public sector, oil and gas, and banking and finance, and fostering youth job creation and development.

Across the three key sectors of government and public sector, oil and gas, and banking and finance, SAP's Future Cities program supports Smart Cities and smart governments, counts more than 3,300 oil and gas customers and more than 14,100 banking customers with 140 million bank accounts worldwide.

"Iraq's government and public sector, oil and gas, and banking and finance sectors present strong opportunities to drive Iraq's diversified economic growth," said Hassan Saleh, Managing Director, SAP Iraq. "Our investment plan and new Baghdad office are major milestones for SAP in Iraq, especially in supporting key industry verticals and fostering job creation."

During SAP NOW Iraq, SAP's ecosystem of technology experts, customers, and channel and educational partners demonstrated how cloud-based technology can help organizations to become more efficient, more responsive and predictive, and ultimately more competitive.

"SAP NOW Iraq's strong turnout is a landmark moment for SAP in the country, as we demonstrated how the intelligent use of data, technology, and digital tools can fuel Iraq's next generation of Intelligent Enterprises," added Saleh. "Iraq's government can become more effective, oil and gas can become provide more sustainable energy; and digital banks can transform customer experiences."

In the coming months, SAP's Training and Development Institute and Next-Gen initiative will explore opportunities to partner with Iraq's educational institutions to foster the workforce of the future.

[6ly410]

The digital transformation conference in the financial sector in Baghdad was held with Jordanian participation

 

Banks Economy News Baghdad: The Association of Iraqi Private Banks organized a conference on digital transformation in the financial sector in cooperation with the Jordanian-Jordanian Economic Association and with the participation of more than 20 Jordanian companies and the presence of prominent personalities, including Minister of Communications Naeem Al-Rubaie, Jordanian Minister of Digital Economy and Central Bank Governor Ali Al-Alak. "The digital transformation of financial operations in the Iraqi banking sector is a cornerstone of economic growth as well as contributing to creating new jobs that enable individuals and companies to access useful financial products and services at prices that meet their needs," said Al Ali. In a responsible manner ". "Digital financial technology will help expand access to financial services, especially those that are difficult to access by banks or financial institutions, as well as the potential positive growth of digital banking services in the banking industry and the enhancement of financial inclusion," he said. "The coming period will witness a remarkable development in the field of financial technologies based on solid foundations of legal and regulatory frameworks, adoption of rules of governance and adherence to international standards as well as IT infrastructure." "We welcome the brothers from Jordan in their second country, Iraq, and I would like to meet with you today to discuss ways of cooperation and challenges facing our two countries in the process of digital transformation which has become an urgent necessity for economic and social development," said Ali Tarek, Executive Director of the Association of Iraqi Private Banks. , As the governor pointed out two years ago at a conference organized by the Association of Iraqi Banks on Banking Technologies that we are in a race against time and that survival is faster. "The efforts of all the banking sector and the direct support of the Central Bank of Iraq have led to an acceleration in the banking sector to cope with the digital transformation and development of its infrastructure and the preparation of its human cadres and technical systems in order to achieve the goal that our main support sector and strategic partner sectors Where the payment process is the most important challenge of digital transformation for all sectors. " "In the light of the vast development in the world of Internet and information technology and the urgent need for innovation, creativity and financial leadership, we are working today to support and motivate Iraqi youth to enter this world through ideas that support the transformation through financial technologies," he said. On his part, the Chairman of the Jordanian-Iraqi Economic Association, Khaled Tayseer Kanaan stressed the importance of building real and equal partnerships between the Iraqi and Jordanian institutions in order to ensure continuity and sustainability and create job opportunities for youth in both countries. He also stressed the readiness of the Jordanian private sector to extend all the support in the field of technology to their counterparts in the Iraqi private sector. "The digital transformation is a transformation in all sectors, including humanity, not just electronic services," said the chairman of the Jordanian production association Bashar al-Hawamdeh. "Our association has great experience in the field of intellectual property protection and how to operate proprietary systems "We are now putting our expertise as Jordanian companies in the service of Iraq, because we have been able in a number of Arab countries to apply e-government and digital transformation in terms of technology and thought." The conference consisted of three sessions on the topics of digital transformation in the financial sector, regulations and laws related to digital transformation in the banking sector, as well as the promotion of digital transformation through information technology, with the participation of Iraqi Minister of Communications Naeem Al-Rubaie and Jordanian Minister of Digital Economy and Entrepreneurship Muthanna Gharaibeh with the participation of about 20 companies Jordanian and Iraqi. At the end of the conference, an agreement was signed between the Association of Iraqi Private Banks and the Jordanian-Iraqi Economic Association and the Production Association, whereby the parties involved in the field of transfer of expertise and technical and technical consultations will cooperate through meetings, conferences and symposia, which will raise the level of technology and implement training programs in the field of information technology and digital transformation in Iraq. Views 111   Date Added 07/10/2019

 

http://economy-news.net/content.php?id=17196

 

[yota691]

Digital transformation in the financial sector .. an imperative

Friday 12 July 2019 67

 

Baghdad / Al-Sabah 

The Association of Iraqi Private Banks organized in cooperation with the Jordanian-Jordanian Economic Association a conference on digital transformation in the financial sector, with the participation of more than 20 Jordanian companies and the presence of prominent figures, notably the Governor of the Central Bank Ali Alaq, Minister of Communications Naeem Al-Rubaie and Jordanian Minister of Digital Economy Muthanna Al-Gharaibeh.

The central bank governor Ali Alalak said in his speech during the conference: "The transformation 

Digital banking operations in the Iraqi banking sector is a cornerstone of economic growth, as well as contributing to new job opportunities that enable individuals and companies to access useful financial products and services at prices that meet their needs responsibly. "

 

Enhancing financial inclusion

"Digital financial technology will help expand access to financial services, especially those that are difficult to reach by banks or financial institutions, as well as the potential positive growth of digital banking services in the banking industry and the enhancement of financial inclusion," he said.

"The coming period will witness a remarkable development in the field of financial technologies based on solid foundations of legal and regulatory frameworks, adoption of rules of governance and adherence to international standards, as well as information technology infrastructure," he said.

 

Stay for the fastest

Mr. Ali Tariq, Executive Director of the Association of Iraqi Private Banks, said: "We welcome the brothers from Jordan in their second country, Iraq, and I would like to be here today to discuss ways of cooperation and challenges facing our two countries in the digital transformation process. "As the governor pointed out two years ago at a conference organized by the Association of Iraqi Private Banks on Banking Technologies, we are racing against time and staying for the fastest."

Tarek added that "the joint efforts of all employees in the banking sector and the direct support of the Central Bank of Iraq led to an acceleration in the banking sector to keep pace with the digital transformation and development of infrastructure and the preparation of human cadres and technical systems in order to achieve the goal to be our main support sector and strategic partner of other sectors , As the payment process is the most important challenge of digital transformation for all sectors. "

"In the light of the wide development of the world of Internet and information technology and the urgent need for innovation, creativity and financial leadership, we are working today to support and motivate Iraqi youth to enter this world through ideas that support the transformation through financial technologies," he said.

 

A true partnership

"The importance of building real and equal partnerships between Iraqi and Jordanian institutions to ensure continuity and sustainability and create job opportunities for young people in both countries," said Khaled Tayseer Kanaan, chairman of the Jordanian-Iraqi Economic Association. 

"The readiness of the sector 

Jordanian private sector to extend all support in the field of technology to their counterparts in the Iraqi private sector. "

"The digital transformation is a transformation in all sectors, including humanity, not just electronic services," said the chairman of the Jordanian Production Association Bashar Al Hawamdeh. "Our association has a great experience in the field of intellectual property protection and how it works. 

Intellectual property systems, "noting that" today we put our expertise as Jordanian companies in the service of Iraq, because we have been able in a number of Arab countries to apply e-government and digital transformation in terms of technology and thought. "

 

Sessions of the Conference

The conference consisted of three sessions dealing with the topics of digital transformation in the financial sector, regulations and laws related to digital transformation in the banking sector, in addition to enhancing the digital transformation through information technology, with the participation of Iraqi Minister of Communications Naeem Al-Rubaie and Jordanian Minister of Digital Economy and Entrepreneurship Muthanna Gharaibeh, Jordanian and Iraqi.

 

Signing an agreement

At the end of the conference, an agreement was signed between the Association of Iraqi Private Banks and the Jordanian-Iraqi Economic Association and the Production Association, whereby the parties involved in the field of transfer of expertise and technical and technical consultations will cooperate through meetings, conferences and symposia which will raise the level of technology and implement training programs in the field of information technology and digital transformation in Iraq.

[Laid Back]

 

Digital transformation is the profound transformation of business and organizational activities, processes, competencies and models to fully leverage the changes and opportunities of a mix of digital technologies and their accelerating impact across society in a strategic and prioritized way, with present and future shifts in mind.

 

Digital transformation aims to create the capabilities of fully leveraging the possibilities and opportunities of new technologies and their impact faster, better and in more innovative way in the future. A digital transformation journey needs a staged approach with a clear roadmap, involving a variety of stakeholders, beyond silos and internal/external limitations. This roadmap takes into account that end goals will continue to move as digital transformation de facto is an ongoing journey, as is change and digital innovation.

 

Go digital transformation 

Go success 

[10 YEARS LATER]

Sent to me from Kuwaiti work buddy - Article dated 11 July 2019

 

Another 8% GDP for Iraq 2020 article.

 

" The undersecretary for Administrative and Financial Affairs at the Iraqi Ministry of Communications, the German Ambassador to Iraq, and global technology company SAP announced at an event on the future of Iraq's digitization."

 

https://www.commsmea.com/technology/20029-digital-transformation-driving-iraqs-vision-2030

[markb57]

and they don't have an international currency? I'm confused.....