FinTech and Economic Development: Are We Building a Real Sector or Patching the Holes in the Old Financial System?

If the goal is simply to provide electronic payment services, then we have achieved partial success. People can now transfer money and pay bills digitally. But if the objective is to build a genuine financial technology sector that contributes to economic development and eventually exports its services globally, then Iraq still has a very long way to go.

Countries such as the United Arab Emirates and Kenya have built strong FinTech ecosystems by investing in education, research and development, and human capital. They attracted skilled professionals, established stable regulatory environments, and encouraged genuine innovation. In Iraq, by contrast, the focus remains largely on adopting ready-made applications and imported solutions.

The future requires difficult strategic decisions: Should we invest in educating young Iraqis in software development and cybersecurity? Should we establish specialized research centers? Should we provide meaningful funding for promising startups? Or will we continue waiting for ready-made solutions to arrive from abroad?