IDBank: Leading the digital transformation of Armenia

Founded in 1990, IDBank has become grown into one of Armenia’s most forward-looking financial institutions. “A major turning point came in 2016 with the arrival of new shareholders and a fresh strategy,” CEO Mher Abrahamyan explained. “The goal was to transform IDBank into a leading digital and FinTech institution in Armenia, offering innovative and customer-focussed financial services.” In 2018, the bank rebranded from Anelik Bank to IDBank, with ‘ID’ symbolizing identity and individuality.

Today, the bank aims “to be the first-choice bank by providing innovative solutions that empower our clients and meet their evolving needs.”
Digitalisation has been central to IDBank’s growth. “Our multi-service digital platform offers a fully remote onboarding process and access to the full range of banking services — no branch visit required,” Abrahamyan stated. Over 90 per cent of transactions are now completed digitally and the bank maintains a nationwide ATM and terminal network to support cash needs.

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IDBank also leads Armenia’s QR payment ecosystem, in partnership with Idram, and was among the first in the country to introduce a digital ‘Buy Now, Pay Later’ product. “Through our digital system, customers can make payments, use Buy Now, Pay Later, earn and redeem cashback or bonuses, all within a connected ecosystem,” he added. With over 25,000 merchants nationwide, including regions outside Yerevan, the QR system offers convenience, flexibility and accessibility, while IDBank continues developing AI-driven solutions to further enhance customer experience. These innovations are not limited to payments; the bank is also exploring digitised investment services and advanced analytics to provide clients with tailored, data-driven financial insights.

Sustainability and social responsibility are core to the bank’s strategy. “We recognise the growing importance of environmental, social and governance (ESG) considerations in creating long-term sustainable value for all stakeholders, hence ESG is a top priority for us, starting at the board level,” Abrahamyan noted.

Programmes such as The Power of One Dram, which donates one Armenian dram per transaction to social or environmental initiatives, actively engage clients and contribute to meaningful community projects. IDBank also collaborates with NGOs and public and private partners to support education, healthcare, and environmental projects across Armenia.

International partnerships

IDBank sees significant opportunities in cross-border partnerships. “UAE–Armenia relations are a strong success story, with trade doubling in recent years and cooperation expanding across sectors like tourism, finance, energy and agriculture,” he said. The bank is expanding its international footprint, exploring cooperation in payments, remittances and fintech, while UAE partners provide a gateway to the wider Gulf region. Notably, Idram has partnered with AliPay+, allowing users to make cross-border QR payments in Armenia, marking AliPay+’s first step into the Caucasus. The bank is also opening a US representative office to better serve the Armenian diaspora.

Looking into the future, IDBank’s strategic priorities will emphasise domestic leadership, technology and international growth. “One of our top priorities is to continue strengthening our position in the Armenian market. We rank among the top five in profitability and now have the largest customer base in the country,” Abrahamyan says. The bank is committed to AI integration, cybersecurity and fraud prevention, recognising that personal data protection and financial literacy are essential in the digital era. With its focus on innovation, inclusive financial services, ESG initiatives and international collaboration, IDBank is positioning itself as a trusted partner for both domestic and global investors.

Concluding, Abrahamyan underscores Armenia’s promise as a business and investment destination. “Armenia is a young country with great potential. The country offers a positive business environment and is open to foreign investment. Despite regional geopolitical risks, Armenia is a strategic hub connecting Europe, Asia and the Gulf. We warmly invite everyone to experience Armenia.”