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First Iraqi Bank selects ICS BANKS from ICSFS to begin operations in Baghdad

By Leandra Monteiro

March 15, 2021

  • America
  • First State Bank
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First Iraqi Bank, FIB, ICS Financial Systems, ICS BANKS, Baghdad, digital banking, IraqFirst Iraqi Bank (FIB), a newly established digital bank in Iraq, has selected ICS BANKS Digital Banking platform from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, to start its operations in Baghdad, Iraq.

First Iraqi Bank floated an international RFP, where many international vendors were evaluated, though which ICS Financial Systems was chosen for having a strong base of detailed market knowledge, in-depth business and technology expertise, and cognitive skills.

Shaymaa Ali Hussein, Managing Director of First Iraqi Bank shared, “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. ICSFS has been servicing the banking sector for over 3 decades now, providing banking and financial software solutions. ICSFS is the first provider of a fully digital banking software solutions in Iraq, with a customer-first approach and streamlined services.

“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 invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS software suite future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility.

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