logo

Baghdad Film Foundation Partners with 1001

Iraq Business19-05-2025

By John Lee.
At the Cannes Film Festival 2025, the Baghdad Film Institute (BFI) announced a strategic partnership with 1001 Media, Iraq's leading digital streaming platform.
This collaboration aims to foster the growth of the film industry, build an integrated production system, enhance regional and international networking among filmmakers, and expand the reach of Iraqi content to a broader audience.
Co-founded by MD Mohsen Khairaldin Garcia, 1001 is underpinned by the significant investment of Iraqi media conglomerate, the Sharqiya Group.
(Source: BFI)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Iraqi PM discusses strategic ties with new US Chargé d'Affaires
Iraqi PM discusses strategic ties with new US Chargé d'Affaires

Shafaq News

timean hour ago

  • Shafaq News

Iraqi PM discusses strategic ties with new US Chargé d'Affaires

Shafaq News/ Iraqi Prime Minister Mohammed Shia al-Sudani received US Chargé d'Affaires Steven Fagin on Sunday to mark the start of his diplomatic mission in Baghdad. According to a statement, al-Sudani underscored the importance of enhancing cooperation between Iraq and the United States based on the Strategic Framework Agreement, memoranda of understanding, and ongoing coordination across multiple sectors—particularly the economy, investment, security, energy, education, and private sector development. Fagin, for his part, reaffirmed Washington's commitment to its partnership with Baghdad, praising the Iraqi government's efforts to drive development and reconstruction. He also emphasized US support for increased American investment and the entry of US companies into the Iraqi market.

Modernising Iraq's Financial Infrastructure: The Rise of Digital Payments
Modernising Iraq's Financial Infrastructure: The Rise of Digital Payments

Iraq Business

time8 hours ago

  • Iraq Business

Modernising Iraq's Financial Infrastructure: The Rise of Digital Payments

By Samer Khraishi, Regional Director for Account Management and Business Development, GCC, Iraq and Jordan at BPC. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Modernising Iraq's Financial Infrastructure: The Rise of Digital Payments Iraq's financial infrastructure has long been in need of significant transformation. With less than 20% of the population owning a bank account, Iraq has one of the lowest financial inclusion rates in the Middle East, paling in comparison to 54% in Saudi Arabia and 69% in the UAE. In an effort to close this gap, the Iraqi government and financial sector have focused on the adoption of digital payments, with over two trillion Iraqi dinars worth of e-payment transactions recorded in August 2024 alone. The growing shift towards digital-first payment solutions, enabled by partnerships with global fintech partners, is beginning to bridge the shortfall in financial inclusion and power economic growth across Iraq. Retiring Iraq's Legacy Infrastructure Iraq's financial sector has faced challenges in expanding its customer base and has experienced limited banking penetration, leaving a large portion of the population unbanked and dependent on informal financial systems. This low access to formal banking services has left many Iraqis unable to take advantage of modern financial products and services, reducing savings rates and fostering financial instability among individuals and businesses. Further compounding this issue is widespread reliance on outdated regulatory frameworks, disincentivising the adoption of modern financial technology including cloud-based solutions. In addition, Iraq's financial institutions are hampered by legacy systems often unable to support modern solutions, increasing the complexity of implementing faster, more secure digital payment platforms. Replacing legacy infrastructure will allow financial institutions to enhance transaction speed, strengthen fraud prevention efforts, and expand their services in line with international payment standards. Laying the Foundations for Digital Transformation Over the past few years, the Iraqi government has taken crucial steps to address these challenges and modernise the financial system of one of the fastest growing economies in the Middle East. The Ministry of Planning, in collaboration with the Central Bank of Iraq (CBI), recently introduced mandates requiring financial institutions to upgrade their digital and technical systems. These upgrades are intended to align Iraq's banking sector with international standards, especially in the key areas of fraud prevention, anti-money laundering (AML), and cybersecurity. In line with these modernisation efforts, the CBI is promoting digital financial services, particularly among younger age groups with higher smartphone adoption. This shift is expected to foster a generation more reliant on card payments and digital transactions, moving away from Iraq's dependency on cash. The CBI is also accelerating digital transformation by granting a higher number of licences to Payment Service Providers (PSPs) and introducing digital banking licences. These initiatives align with the CBI's goal of building a digital-first economy, paving the way for faster and more secure infrastructure in Iraq's financial industry. As part of these ongoing efforts, Iraqi banks are adopting advanced cybersecurity defences to combat rising cyber threats as the country embraces digital transformation. Key measures include encryption, multi-factor authentication, AI-driven threat detection, and real-time monitoring. Banks are also enhancing access control with biometric authentication, securing online transactions with encryption and tokenisation, and implementing Security Incident and Event Management (SIEM) systems. Protecting both institutions and their users from these threats is key to building trust in Iraq's digital financial infrastructure. Complementing these financial sector advancements, Iraq's e-government initiatives are digitalising public services, such as the Ministry of Interior's adoption of digital systems for processing visas and passports. Through collaboration between the Ministry of Interior and PSP partner Tabadul, Electronic Payment Gateways are being implemented, streamlining payments for e-visas and passports, and furthering the country's digital transformation. The Key Role of Fintech in Iraq's Digital Transformation Technology vendors are playing an essential role in Iraq's digital transformation journey. Companies like BPC, with global expertise and modern future-proven solutions, can help both startups and established financial institutions implement secure, scalable platforms that meet local regulatory requirements. In addition, banks and payment providers in Iraq are increasingly collaborating with global fintech partners to enhance their fraud prevention capabilities. By integrating fintech solutions into their systems, they can offer more secure and reliable services to their customers, monitoring and preventing threads from both local and international bad actors. For instance, Qi Card has enhanced its digital payment capabilities, allowing users to access government salaries and conduct transactions with biometric authentication. Similarly, Cihan Bank is pioneering mobile banking applications by providing customers with convenient access to their accounts. Public sector support has been strong with the Kurdistan Regional Government's MyAccount initiative so far registering over 600,000 civil servants with their own bank accounts. The initiative aims to ensure one million civil servants have their own bank accounts with around 1,000 ATMs available across the region. Additionally, BPC provides a platform that enables banks to issue digital payment cards, facilitate QR code payments, and enhance mobile banking solutions. These technologies are especially valuable in regions where access to traditional banking services is limited, helping to promote financial inclusion across the country. The Road Ahead for Iraq's Financial Infrastructure The introduction of mobile banking solutions, as demonstrated by fintechs including Zain Cash, has helped to bring financial services to underserved populations in Iraq. Zain Cash alone has onboarded over 1.2 million users, allowing them to make payments, send remittances, and conduct financial transactions without needing a traditional bank account. This growth in mobile wallets will to be a key driver in expanding access to financial services, particularly in rural areas where traditional banking infrastructure is limited, boating financial inclusion the country. Furthermore, modernising Iraq's financial systems could significantly boost economic growth. Digital payments can formalise Iraq's economy and bring small and medium-sized enterprises (SMEs) into the banking system, whilst also enabling access to key financial tools. With SMEs making up 88% of businesses in Iraq, providing them with access to digital finance promises spur economic development and transform the Iraqi economy. Click here to learn more about digital banking in The Middle East.

Iraq Lifts Ban on Imports of E-Cigarettes, Tobacco
Iraq Lifts Ban on Imports of E-Cigarettes, Tobacco

Iraq Business

time8 hours ago

  • Iraq Business

Iraq Lifts Ban on Imports of E-Cigarettes, Tobacco

By John Lee. The Iraqi Council of Ministers has approved a request by the Ministry of Health to lift the ban on importing electronic cigarettes, electronic hookahs, and tobacco products, provided that all imports comply with the country's Anti-Smoking Law (No. 19 of 2012). Under the new policy, the Central Organization for Standardization and Quality Control will develop technical standards for these goods. The Iraqi Customs Authority will determine customs valuation, while commercial attachés abroad will authenticate certificates of origin and invoices, allowing these imports to be integrated directly into Iraq's national system without the need for secondary verification. This decision is expected to streamline import procedures and support regulatory oversight of tobacco-related products in the country. (Source: PMO)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store