The role of artificial intelligence in developing the FinTech sector Iraq case study

Abstract

Undoubtedly, the lack of artificial intelligence (AI) infrastructure is a major impediment to the development of financial technology, thereby negatively impacting economic performance. Iraq is among the countries struggling with the sustainability and advancement of AI software. Consequently, this research aims to assess the capacity of electronic payment indicators to keep pace with global standards by reviewing their evolution; the findings reveal that their development levels remain modest compared to the rest of the world. Nevertheless, the research concludes that despite the low level of AI integration in Iraq the number of electronic wallets more than doubled, over to 4 million by 2025, a clear result of the policies adopted by the Central Bank of Iraq.