Digital Banking: MENA Region’s Capital Bank Group Selects Codebase Technologies to Deploy Virtual Banks in Jordan, Iraq

Middle East Door MENACapital Bank Group has reportedly chosen open API banking solutions provider Codebase Technologies in order to develop and deploy its first all-digital banking platforms in Jordan and Iraq.

Through the partnership, Capital Bank Group will aim to deliver its digital bank offering to its retail and corporate clients.

Since launching operations back in 1995, Capital Bank has grown to become one of the leading  financial institutions in Jordan. Based in Amman, the bank provides an extensive line of commercial and investment banking services tailored to the requirements of individuals and corporate clients alike.

As noted by its management:

“Specialized in trade finance activities, Capital Bank’s mission is to deliver reliable and flexible solutions to accommodate its clients’​ time constraints and business schedules. Capital Bank offers its corporate clients a wide variety of services from corporate finance, to commercial finance, to asset management, to securities brokerage, and market research through Capital Investments, a wholly owned subsidiary of Capital Bank with a paid-up capital of JD 10 million (USD 14 million) that acts as the Bank’s investment arm.”

The Bank also provides various services in the Iraqi market via the National Bank of Iraq, in which it “owns a controlling stake.”

The Capital Bank Group initiative will focus on digital transformation efforts across Iraq and Jordan, by leveraging both nations’ 88% mobile penetration rate to reshape and enhance the financial ecosystem. This should help with bringing secure and more accessible virtual banking services to the market.

Powered by Codebase Technologies’ Digibanc™ platform, the all-digital banking platform will aim to empower Iraq and Jordan’s consumers with next-gen banking solutions like seamless digital onboarding, user-friendly workflows, convenient smartphone access, and a wide range of innovative products.

Digibanc™ is described as a “bank-in-a-box” service that may be easily integrated with any financial service provider’s Core banking solutions. It can also be customized to offer truly unique virtual or online banking products.

Tamer Mauge, MENA MD at Codebase Technologies, stated:

“We are proud to partner with Capital Bank Group and take the next step forward to launch Jordan and Iraq’s first truly digital bank, aimed at both SME and retail customers. The opportunity we are embarking on will support the financial inclusion and literacy agenda while providing the banking industry in both Jordan and Iraq with cutting-edge technology infrastructure to pioneer digital financial innovation.”

Zein Malhas, Chief Digital Officer of Capital Bank, remarked:

“Technology has become the main element in our lives and our partnership with Codebase Technologies, which is the ideal partner in providing advanced technical services that reflect the commitment of Capital Bank Group to provide top-notch and innovative solutions in the digital world.”

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