Although the financial technology (fintech) industry is relatively nascent in Iraq but has been experiencing a steady growth in recent years. Fintech, describes the use of technology to supply financial services and products in a modern shape. The growth of fintech in Iraq has been driven by various factors such as a young population, an increase in smartphone penteration and a desire for more easily available and effective financial services. However, this rapid growth in the fintech industry has not been without a number of challenges and obstacles Moreover, the absence of appropriate measures and regulations may led to negative impacts on the financial sector and fintech industry in general. Therefore, this study highlights the capabilities and advantages of financial technology (fintech) while emphasizing the need for an enabling environment, including appropriate regulatory rules, information security, and communication technology infrastructure. We emphasize the importance of reviewing legal and regulatory frameworks and managing risks associated with innovative financial and banking products. We also addresses the impact of fintech on money laundering, noting the speed and difficulty of detecting such operations in modern banking technology and highliting the role of the Central Bank of Iraq in granting licenses to fintech companies. The study suggests enhancing financial infrastructure, protection systems against cyberattacks, and improving the readiness of regulatory authorities to address potential threats. Furthermore, We stresse the importance of increasing financial knowledge and literacy among customers and Iraqi population in general, where financial services and fintech products are underutilized. Additionally, it concludes by acknowledging that while fintech presents opportunities, companies in this space must navigate complex regulations, address cybersecurity risks, build consumer trust, and compete with traditional financial institutions. Finally, We call for the increased availability of ATMs and POS machines across Iraq to enhance financial services and accessibility.