Latest news with #Baghdad-based
Iraqi News
3 days ago
- Business
- Iraqi News
Baghdad's Netaj unveils new push to boost Iraqi startups
Baghdad ( – Netaj, a Baghdad-based innovation firm, hosted an event in Baghdad focused on advancing Iraq's e-commerce sector and digital economy. The event brought together government officials, private sector representatives, diplomats, and technology experts to address sector challenges, including infrastructure, payment systems, and regulation. Netaj introduced a set of new initiatives aimed at supporting young Iraqi entrepreneurs and small businesses. Among them is a partnership with Haeiz, a digital retail platform that will offer tools, training, and support to help launch and manage online stores. The event also highlighted the progress of Nawat, a venture studio launched by Netaj earlier this year. Supporting over 40 startups, Nawat is building a $2 million fund to provide capital and operational support for early-stage businesses. These efforts form part of a broader strategy to expand access to digital tools and strengthen the foundations of Iraq's growing online economy.
Iraqi News
09-07-2025
- Business
- Iraqi News
Iraq's new fintech regulation: a deep dive into the 2024 Electronic Payment Services Law
Baghdad ( – As Iraq's digital economy rapidly expands, with over 10 million pre-paid cards in circulation and more than 20 trillion IQD in electronic transactions recorded in 2024, the Central Bank of Iraq (CBI) has introduced a critical legislative update to govern the burgeoning sector. The new Electronic Payment Services Regulation No. (2) for 2024 replaces a decade-old law, creating a modern, more robust framework for the country's financial technology (fintech) industry. In a detailed analysis breaking down the new legal landscape, the Baghdad-based ALSAIF Law Firm, a firm with over 46 years of experience in the country, outlines the opportunities and requirements under this new regulation. The law aligns with the National Financial Inclusion Strategy, which was launched in May 2025 by the CBI in partnership with global institutions like the World Bank Group, the Arab Monetary Fund, and GIZ, signaling a coordinated push towards a modern financial ecosystem. The 2024 regulation provides much-needed clarity by defining the key players in Iraq's online payment system. According to the analysis by ALSAIF Law Firm, these roles now include: Operators: Entities that manage the core technical infrastructure of the payment system. Participants: Licensed financial institutions that use the payment systems. Electronic Payment Service Providers (EPSPs): The central players, like e-pay platforms and fintech apps, licensed to provide direct services. Agents: Those acting on behalf of licensed providers. The regulation formally authorizes a wide range of activities for licensed EPSPs, including issuing credit and debit cards, managing digital wallets and mobile payments, executing electronic fund transfers, and acting as payment aggregators. This creates a clear legal basis for modern fintech innovation in Iraq. For local and international finance companies looking to enter or expand in Iraq's emerging market, the new regulation outlines a structured licensing process. Navigating regulatory compliance with CBI Iraq is now more important than ever. ALSAIF Law Firm's breakdown highlights the key requirements for obtaining a license, which include providing official company incorporation documents, details of founders, and proof of financial solvency. A significant requirement is a minimum company capital of 10 billion IQD and the submission of a comprehensive three-year feasibility study. This study must detail everything from economic projections and technical infrastructure to information security protocols, anti-money laundering (AML) systems, and customer dispute resolution mechanisms. Once an application is submitted, the Central Bank of Iraq will review and issue a decision within 90 business days, often granting a preliminary license to allow the company time to complete the remaining operational and technical requirements. The push for this new regulatory framework is a direct response to Iraq's immense potential. As the ALSAIF Law Firm analysis concludes, with a population of over 45 million and the highest projected GDP growth in the Middle East and North Africa for 2026 (4.4% as forecasted by the World Bank), 'the emerging Iraqi financial sector is only getting started.' This new regulation is a foundational step, providing the clarity and stability needed to attract serious investment and build a modern, inclusive, and transparent digital economy.
Iraq Business
24-06-2025
- Business
- Iraq Business
Netaj Launches Nawat: "Iraq's First VC Studio"
By John Lee. Netaj -- a Baghdad-based innovation firm that offers venture support, strategic consulting, and capability-building for entrepreneurs and institutions -- has announced the official launch of Nawat, which it describes as the country's first-ever Venture Capital (VC) Studio. According to a press release, Nawat is designed to identify, support, and invest in high-potential Iraqi startups through a tailored 6-month journey that combines mentorship, product development, market access, and funding readiness. Wissam Mattout (pictured), CEO of Netaj, said: "Nawat is a movement to reimagine how startups are built and backed in Iraq. We are bridging the gap between raw talent and structured capital, offering founders a launchpad to scale both locally and globally. "For too long, Iraqi entrepreneurs have had to build in isolation. Nawat will equip them with the expertise, tools, and capital they need, not just to survive, but to lead the next wave of innovation in the region." The studio is open to 40 startups, segmented across three tracks: Ideation stage MVP/Prototype stage Early-established startups Each startup receives customized support, including expert-led bootcamps, one-on-one consultations, mentorship from industry veterans, and direct access to investors through demo days and curated matchmaking. "This is Iraq's moment," said Mattout. "If we want to build serious startups, we need serious infrastructure. Nawat is the missing puzzle piece - designed for founders, by founders." Nawat offers a hybrid investment model, combining: In-kind investment (product development, branding, digital tools) valued between $10K-$25K. Direct financial investment ranging from $25K-$250K using convertible notes or equity. Netaj aims to invest in the top 5 to 10 startups that demonstrate traction, scalability, and founder commitment to operational growth. (Source:
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Business Standard
21-06-2025
- Politics
- Business Standard
US urges citizens to avoid Iraq travel amid rising Iran-Israel conflict
The United States has issued an alert to its citizens against travelling to Iraq under any circumstances, citing the threat of terrorism, kidnapping, armed conflict, and civil unrest amid escalating regional tensions linked to the Iran-Israel conflict. The advisory comes after the US Department of State on June 11 ordered the departure of non-emergency government personnel from Iraq, underscoring the deteriorating security conditions in the country. 'Do not travel to Iraq for any reason,' the US Embassy and Consulate in Iraq said in an alert, pointing to the 'US government's limited ability to provide emergency services to US citizens in Iraq.' According to the updated travel advisory, American citizens in Iraq face a range of serious threats including violence by terrorist and insurgent groups, anti-US militia activity, and frequent attacks involving improvised explosive devices (IEDs), indirect fire, and drones. These attacks have occurred even in major urban centres. 'US government personnel in Iraq are required to live and work under strict security due to serious threats,' the Embassy said, adding that Baghdad-based staff are prohibited from using the Baghdad International Airport due to ongoing risks. The US has also cautioned against travel to areas near Iraq's northern borders, warning of aerial bombardments, armed clashes, and heightened militant activity. American nationals are particularly discouraged from attempting to cross into Syria through Iraq. 'US citizens should not travel through Iraq to engage in armed conflict in Syria,' the advisory noted. 'They would face extreme personal risks — kidnapping, injury, or death — and legal risks including arrest, fines, and expulsion.' 10-years jail for illegal border crossing The Kurdistan Regional Government has announced that those caught illegally crossing the Iraq-Syria border could face prison terms of up to ten years. Adding to the dangers, the Federal Aviation Administration (FAA) has also issued flight advisories for civil aviation operating in and around Iraqi airspace. Travellers have been urged to check FAA regulations before making any travel decisions. Apart from security threats, regular demonstrations, protests, and labour strikes across Iraq further complicate travel and movement within the country. The Embassy warned that such events could erupt without notice and potentially turn violent. 'Don't rely on US govt assistance' For those who still choose to remain in or travel to Iraq despite the warnings, the US government strongly advises preparation of a comprehensive personal security plan, arranging legal documents such as wills and powers of attorney, and ensuring that loved ones have access to essential records in case of emergencies. 'Have departure plans that do not rely on US government assistance,' the advisory said.
Iraq Business
20-06-2025
- Business
- Iraq Business
IBBC Welcomes New Member
By John Lee. The Iraq Britain Business Council (IBBC) has announced that Baghdad-based conference and business consultancy provider EMAAL has joined as a member. According to a statement from the IBBC, the business is owned and run by Dr Ali Mahjob (pictured), who previously started the Iraq24 TV station, which focuses on business. EMAAL will hold a tax reform conference in Baghdad in August, and a maritime conference focused on Al Faw in October. Dr Mahjob said: "We have known IBBC for a number of years and are delighted to be joining now our group is expanding. IBBC offers EMAAL a platform for business support in Iraq of all types, and IBBC's macro view of the economy and interaction with Government complements our practical granular level approach to private company development." IBBC Managing Director Christophe Michels welcomed EMAAL, adding: "IBBC has known Dr Ali and Iraq24 news channel, which has been very helpful to IBBC, and we look forward to collaborating with EMAAL in their new venture with our members to benefit the wider private sector in Iraq." (Source: IBBC)
