Capital Bank picks Codebase to launch new neobank in Jordan and Iraq

Capital Bank Group has selected Codebase Technologies as it looks to launch a new digital bank in Jordan and Iraq.

Capital Bank is one of the largest financial institutions in Jordan

The bank says its new digital offering will be designed to provide integrated digital banking services to individuals and small and medium-sized enterprises (SMEs).

Founded in 1995, Capital Bank is one of the largest financial institutions in Jordan, with JOD 3.6 billion in assets under management.

The bank is also a majority shareholder in the National Bank of Iraq (NBI), giving it access to the Iraqi market.

Dawod Al Ghoul, CEO of Capital Bank, says the new offering will act as a “digital economic accelerator” and will provide “the foundations for a broader generation of digital services”.

It will be powered by Codebase’s “bank-in-a-box” Digibanc platform, which provides features like complete core banking modules, customer onboarding, electronic know your customer (eKYC) and payment services. The firm also has deals with UK-based MoneeMint and the National Bank of Pakistan.

The announcement highlights a push for more digital banking services in the region following Jordan Ahli Bank’s deal with Temenos last year to cover its digital and mobile banking operations.

Jordan-based Investbank also signed with i2c Inc in May this year to provide users with access to digital account management, virtual cards and contactless payments.

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