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Henig » February 26th, 2025
Vietnam Poised to Become a Global Financial Hub with New Financial Center Proposal
Vietnam is taking a significant step towards becoming a leading global financial hub with the proposal of a new financial center. The initiative, backed by the Ministry of Justice and the Ministry of Planning and Investment, aims to create a diverse ecosystem of financial services concentrated in a specific area.
This financial center will serve as a hub for numerous financial institutions, banks, investment funds, and financial service companies, and will house stock, currency, and commodity exchanges.
The proposal underscores Vietnam’s commitment to economic development and growth, leveraging its macroeconomic stability and investment attraction to create a competitive financial landscape. The establishment of this financial center is deemed necessary by Deputy Minister of Justice Nguyen Thanh Tinh, who emphasized the need for superior mechanisms and policies to enhance competitiveness while ensuring tight control and supervision.
The draft resolution, currently under appraisal, focuses on clarifying the position and role of the financial center within the economy.
By comparing it with the experiences of other developing countries, Vietnam aims to create a zone with special, superior, and unique institutions that will attract investors and foster the development of innovative financial products and services.
This move aligns with Vietnam’s standing as a leader in the adoption rate of future financial technologies, providing a competitive edge in the global financial market. Vietnam’s proactive approach to establishing a financial center reflects its ongoing success in economic development and growth.
The country’s macroeconomic stability and investment attraction have positioned it as a standout in the global economy. The proposed financial center, with its own management and operation committee, financial supervisory committee, and international arbitration center, will further bolster Vietnam’s financial infrastructure.
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By implementing policies tailored to the financial center and ensuring robust government management, Vietnam is poised to connect with international financial centers and solidify its position as a global financial leader. This initiative not only promises economic benefits but also highlights Vietnam’s forward-thinking approach to embracing future financial technologies and creating unique financial products.
Asia to dominate global fintech market – report
Asia could account for almost half of global fintech transactions by the end of the year as it continues to outpace other regions, according to recently published research.
A report from Singapore-based fintech UnaFinancial found that fintech-related transactions reached $16.8tr in 2024, an increase of $2.1tr on the previous year. This growth is expected to increase and the Asian fintech market is forecast to reach $18.9tr by the end of 2025, equivalent to 12.6% year-on-year growth.
With the global fintech market forecast to reach $40.1tr by year-end, Asia would account for 47.1% of the market’s transactions.
Much of the region’s growth has come from digital banking with an increase of $684bn accounting for a third (32.9%) of total growth.
But it is in digital investment and wealth management where growth has been highest. Between 2010 and 2024, these services have grown by an average annual rate of 92.1%.
According to UnaFinancial analysts, high smartphone adoption couple with limited accessibility to traditional bank accounts has fuelled the growth of digital banking in Asia. In addition, the emergence of so-called super-apps in the region, which include digital wallets, BNPL services and ecommerce, has also driven fintech adoption.
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A further contributing factor is the effort of governments in the region to develop digital payment platforms and promote a cashless economy – this has also led to a surge in cross-border digital payments. Indeed, the report forecasts that the digital payments and transfers sector will be the primary source of growth for Asia’s fintech market, accounting for 45% of growth, exceeding the global average of 32%. Link
Source: Dinar Recaps
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Clare » February 26th, 2025
Trade Bank of Iraq stops cash withdrawals via ATMs outside Iraq
2/26/2025
The Trade Bank of Iraq announced today, Wednesday, the suspension of cash withdrawals via automated teller machines (ATM) using electronic cards (Visa and MasterCard) outside Iraq, as part of preventive measures to avoid security risks associated with the misuse of these cards.
The bank explained, in a statement received by {Al Furat News} a copy of it, that:
“The decision only includes cash withdrawals from ATMs outside Iraq, while users can continue to use cards to pay via POS devices or in electronic transactions on the Internet.”
The bank pointed out that “this measure comes out of concern for protecting customers’ money from any security threats that may result from misuse of cards in some areas.” LINK
The Central Bank of Iraq is moving towards launching a digital banking currency instead of paper currency
2/26/2025
The Governor of the Central Bank, Ali Al-Alaq, revealed on Wednesday the intention to create a digital banking currency to replace paper currencies.
Al-Alaq said, in a speech during the 9th Finance and Banking Services Conference and Exhibition, which was followed by Shafak News Agency, that “the financial and banking system will witness fundamental transformations, including the decline of paper currencies to be replaced by digital payments for central banks.”
He added that “the Central Bank is moving to create its own digital currency, to gradually replace the paper process as is happening in some central banks in the world,” indicating that “we are seriously considering establishing a data center in Iraq, and the bank has begun to move on this issue as part of the digital transformation steps.”
Al-Alaq continued, ” The current stage is witnessing a major development in the electronic payment system through increasing the number of ATMs and credit wallets,” indicating that “the support provided by the Central Bank helped raise the rate of financial inclusion in Iraq to 49% after it was 20%, about two years ago.”
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He pointed out that “Iraqi banks are witnessing today qualitative transformations in their banking operations, especially with regard to financial transfers of different currencies, through the adoption of approved global systems and programs that help them with these advanced transformations in financial services.” LINK
Mazhar Saleh stresses the importance of electronic payment in the digital transformation in Iraq
2/26/2025
Mazhar Muhammad Salih, advisor to the Prime Minister, confirmed today, Wednesday, that electronic payment is one of the basic pillars for achieving digital transformation and enhancing financial stability in Iraq.
He added in his statement to {Al Furat News}, that “electronic payment contributes to reducing the size of the informal economy, as it still constitutes about 70% of the operations of the Iraqi market, and it also enhances transparency in financial transactions and increases citizens’ confidence in the banking system.”
He explained that “the adoption of electronic payment contributes significantly to reducing traditional cash transactions, which helps combat c--------n and money laundering. It also contributes to accelerating commercial operations and the capital cycle in the Iraqi market, and enhances the integration of the national income cycle.”
Saleh pointed out that “digital transformation leads to improving the management of the state’s financial resources, which enhances its ability to collect taxes and fees more efficiently.”
He added, “This contributes to reaching advanced levels of growth in building the unified treasury account, which enables the banking system to operate credit and grant loans with the least amount of banking liquidity risks, which effectively enhances the financing of economic and development activity.”
From.. Raghad LINK
Central Bank Governor inaugurates the 9th Finance and Banking Conference
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, inaugurated the 9th Finance and Banking Services Exhibition and Conference, in which a number of banks and payment companies operating in Iraq participated.
During his speech, His Excellency the Governor stressed that the current stage is witnessing a significant development in the electronic payment system by increasing the number of ATMs and credit wallets, noting that the support provided by the Central Bank has helped raise the financial inclusion rate in Iraq to 40% after it was 20% about two years ago.
The Governor pointed out that Iraqi banks are witnessing qualitative transformations in their banking operations today, especially with regard to financial transfers of different currencies by adopting approved global systems and programs that help them in these advanced transformations in financial services.
In his speech, he outlined the features of future banks that will transform from traditional entities to smart digital platforms and issue digital financial identities that facilitate financial transactions without the need for banks.
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He added that the financial and banking system will witness the decline of paper currencies to be replaced by digital payments for central banks, and that the Central Bank is moving to create its own digital currency to gradually replace the paper process as is happening in some central banks in the world, indicating work to establish a data center in Iraq similar to the major centers in the world, as it is an indispensable part of the digital economy and a basis for artificial intelligence, applications, big data analysis and the Internet, and that the Central Bank of Iraq has begun steps in this direction, calling for the formulation of a comprehensive Iraqi vision for digital transformation.
Central Bank of Iraq
Media Office
February 26, 2025
https://cbi.iq/news/view/2807
Confirming Shafaq News.. Trump is heading to impose sanctions on Iraqi groups
2/26/2025
The American website “Fox News” published a report today, Wednesday, in which it referred to the “maximum pressure” sanctions that the T------------------n is pursuing against countries that have economic and trade relations with Iran, including Iraq, which includes punishing a group of banks and controlling Baghdad’s reserves at the US Federal Reserve.
According to the website’s report, translated by Shafaq News Agency, “These countries should expect to feel the shock waves resulting from Trump’s campaign on the Iranian oil trade,” indicating that Iran currently exports an average of 1.5 million barrels of oil per day, but under the executive order issued by Trump on February 6, the Secretaries of State and Treasury will work to “implement a campaign aimed at driving Iranian oil exports to zero.”
The report touched on “$6 billion in Qatar from Iranian oil revenues held in Doha,” noting that “this issue was raised during the meeting of Iranian Supreme Leader Ali Khamenei with Qatari Emir Tamim bin Hamad Al Thani this week.”
The US report indicated that “Washington intends to cut off Iran’s oil exports to China, which account for 90% of Iranian outflows, by sanctioning some individuals and ships associated with the so-called shadow fleet of ships transporting Iranian oil, but stricter campaigns could pass after Chinese banks that process oil transactions.”
The T------------------n also intends, according to Fox News, to “withdraw waivers from Iran’s Chabahar port project, a major trade gateway in southern Iran with India, through which the latter has pumped $370 million. India had previously obtained a waiver for the project, allowing it to create a trade route in Central Asia that bypassed Pakistan, because American officials believed the port helped reconstruction efforts in Afghanistan.”
As for Iraq, the report explained that “the United States has great influence over Iraq, and $100 billion of the country’s reserves are kept in the United States, and it can use this money to exert great pressure on Baghdad to distance it from Iranian influence.”
The report cited “the ban on five Iraqi banks from conducting transactions in US dollars as a means of eliminating Iran’s access to the US currency,” considering that “Iraq is the lifeline for Iran’s access to hard currency, and the United States has long sought to restrict Tehran’s bypassing of sanctions through its neighbor.”
Last Monday, Shafaq News Agency published a report revealing the efforts made by the Iraqi Ministry of Foreign Affairs to prevent the issuance of US sanctions against Iraq, including companies and names of leaders in the Popular Mobilization Authority.
According to an informed political source, who told Shafaq News Agency, requesting that his name not be mentioned, “American sanctions may be issued soon and will include a list of names of political figures who have armed factions.”
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The source also explained that “the list includes more than ten names, some of whom are leaders of the Popular Mobilization Forces, and others are well-known and have partnerships with important political forces,” explaining that “the situation with the United States may escalate, and the goal is to control the movement of money in Iraq and to limit and weaken what the American administration calls Iran’s arms and to stop supplying Tehran with hard currency through intermediaries.”
The source pointed out that “there are three financial companies and three transportation companies, all of which operate within the Iraqi oil fleet, and they will also be on the blacklist, in order to pressure and stop the smuggling of currency and oil towards Iran.”
On the 16th of this month, a responsible Iraqi government source revealed to Shafaq News Agency that the Iraqi government agencies received an official notification imposing US sanctions on five new Iraqi banks, for their involvement in i-----l financial transfer operations inside and outside Iraq. LINK
Iraq discusses with the International Monetary Fund controlling expenditures and the 2024 budget
2/26/2025
The Iraqi Minister of Finance, Taif Sami, discussed with the International Monetary Fund, financial and banking reforms to support the Iraqi economy, during the periodic meetings held in the Jordanian capital, Amman.
The Iraqi Ministry of Finance said in a statement issued today, Wednesday, and received by Shafak News Agency, that the discussions focused on implementing the 2024 budget, with a review of mechanisms for controlling expenditures and enhancing the efficiency of distributing financial resources, in line with the state’s economic goals.
The two parties also discussed, according to the statement, ways to improve public finances by supporting investment and directing social spending towards vital sectors, in addition to enhancing non-oil revenues and reducing dependence on oil revenues.
The meetings also included discussing banking reforms, stressing the importance of updating financial systems to keep pace with global economic changes.
It also reviewed the economic forecast for 2025 and potential strategies to increase non-oil revenues, including developing the tax system and implementing a unified accounting system.
During the meetings, Sami stressed that these meetings come within the framework of the Ministry’s efforts to enhance financial stability and achieve structural reforms that support the national economy, noting the importance of coordination with international partners and considering cooperation with the International Monetary Fund as a fundamental pillar in developing financial policies to confront current challenges. LINK
Companies from 50 countries compete for electricity projects in Iraq
2/26/2026
The spokesman for the Ministry of Electricity, Ahmed Musa, revealed on Wednesday that more than 300 companies representing 50 countries are participating in the Renewable Energy Conference, which is being held at the Baghdad International Fair from the 24th to the 26th of this month .
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Musa told Shafaq News Agency, “The conference represents an important opportunity for local and international companies to view the Ministry of Electricity’s projects in the renewable energy sector, and to present their investment offers to enhance the electrical infrastructure in Iraq.”
Musa added that “the Iraqi government seeks to diversify gas and energy sources,” noting that “the ministry had previously signed contracts with international companies to establish solar power stations, as part of its plans to support the shift towards clean energy.”
Musa pointed out that “536 government buildings have been converted to operate with solar energy systems, in a move aimed at reducing pressure on the national electricity grid and enhancing energy sustainability in the country.”
At the end of last month, the Iraqi Minister of Electricity, Ziyad Ali Fadhil, announced the launch of new production projects with a capacity of 15,000 megawatts, while confirming that the country’s energy production had increased by about 9,000 megawatts over the past two years LINK
Source: Dinar Recaps
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