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