Capital Bank Group and Codebase Technologies sign a partnership agreement to launch the first independent digital-only Neobank for individuals and SMEs in Jordan and Iraq

(MENAFN- Advvise) Amman 26 June 2021

Capital Bank Group, one of the largest banking institutions operating in the Jordanian and Iraqi markets, signed a partnership agreement with Codebase Technologies to launch the first independent digital-only Neobank in Jordan and Iraq that aims to provide integrated digital banking services to individuals and SMEs allowing customers to regain complete control over their financial decisions.

Through its strong presence in Jordan and being a gateway to Iraq, the largest trading partner to Jordan, as well as its existing licenses in both countries, Capital Bank Group is uniquely positioned to create a digital-first offering.

On this occasion, the Chairman of the Board of Directors of Capital Bank Group, Bassem Khalil Al-Salem, said: “This partnership with Codebase Technologies aims to strengthen the Group’s competitive position and expand its local and regional reach in both Jordan and Iraq, confirming the Group’s commitment to provide innovative and highly efficient digital end to end banking services to customers.”

Dawod AlGhoul, CEO of Capital Bank, stated: “We are excited to be the first bank in Jordan and Iraq to take this critical step towards leapfrogging into the future of banking which is on the road to a complete shift from banking as we know it today. This Neobank with its separate brand and identity is set to be a digital economic accelerator, providing the foundations for a broader generation of digital services.”

Raheel Iqbal, Managing Partner at Codebase Technologies, also commented on the partnership: “We at Codebase Technologies are honored to have been selected by Capital Bank Group for its digital transformation in Jordan and Iraq. With our experience in successfully launching multiple digital banks in the region, we have proven our dedication to architecting, building, and delivering transformational digital empowerment that transforms the customer experience, streamline operations, and accelerate business growth for our partners. We implement technologies that are driven by innovation, precision, and a dedication to exceptional service quality, making us the premier digital transformation firm to transform banking for Capital Bank Group and its customers.
 
About Capital Bank Group

Capital Bank Group is one of the largest banking institutions operating in the Jordanian and regional markets, with assets of 3.6 billion Jordanian Dinars, while the total rights of its shareholders amount to nearly 400 million Jordanian Dinars.

Capital Bank Group includes Capital Bank, which was established in 1995, and since then, its business has grown to become one of the leading Jordanian banks specialized in providing integrated packages of investment and commercial banking solutions and services designed to meet the requirements of corporate and individual customers alike.

In 2005, Capital Bank (Jordan) purchased the majority of the shares of the National Bank of Iraq (61.85%), which enabled the Bank to develop its products and services, enhance its foothold and financial inclusion at the Iraq level, support export activities, and provide all services to Jordanian companies operating in Iraq. The National Bank of Iraq recently obtained the necessary approvals to establish a branch in Saudi Arabia.

Meanwhile, Capital Investments, a wholly owned subsidiary of Capital Bank, established in 2006, provides specialized investment banking services to its customers through its offices in Jordan and UAE/ Dubai International Financial Center (DIFC).

Towards the end of 2020, and in fulfillment of its expansion plans, Capital Bank Group acquired the operations of the Lebanese Bank Audi in Jordan and Iraq, where the branches of Capital Bank increased to 28, and the National Bank of Iraq to 18.

For more information, please visit Capital Bank website:


About Codebase Technologies

Codebase Technologies is a leading Global Open API Banking solution provider, at the forefront of enabling banks and financial institutions (both Conventional and Islamic), as well as, the emerging Fintech ecosystem to Demystify Digital Financial Services. We help organizations create and deliver Innovative and Intuitive experiences across customer lifecycle. With presence and customers across 4 continents, Codebase Technologies with its award-winning suite of products, including the innovative Digibanc™, a comprehensive one-stop ‘Bank in box’, helps its customers unlock the true potential of the next generation of the digital financial eco-system.

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