Central and Visa World Sign Memorandum of Understanding

28/4/2018 12:00 am

In order to provide sound paths for the movement of funds
Baghdad / Al-Sabah
The orientations of the local international partnership have become real and bear great economic feasibility, coupled with the attraction of advanced technology, even the latest in the world, for the advancement of the financial sector, after the major international companies realized the importance of the Iraqi market at the level of the globe.
The first of the local active partnership stations culminated in the signing of a memorandum of understanding between the Central Bank of Iraq and Visa International last weekend.
Governor of the Central Bank Dr. Ali Al-Alaq said that "Visa's entry into the local market means the transfer of knowledge and technology that contribute to the development of the banking sector and to keep abreast of developments in the global financial sector and provide job opportunities for young people."
"The signing of the Memorandum of Understanding represents a step we are seeking to achieve the expansion of electronic payment based on several successes," he said, adding that "the success of this cooperation comes through the availability of infrastructure, which we have taken an important step in its separation. A great success and has the protection of accurate and are available within all safety operations and is a monthly settlement operations estimated at 14 trillion dinars. "


Chance of success
Al-Aalak pointed out that "through our experience with banks there are potentials able to interact with this project and to achieve a chance of success for this matter, and the Iraqi market pristine provides a wide scope for the use of these products to serve banking operations and the movement of money properly."
"The domestic business sector needs more sophisticated means, expanding its services and facilitating payments," he said. "This is in the central bank's goal of broadening financial coverage, which is of great interest to the central bank."
Director of Visa Middle East Tareq Al-Husseini said: "Our presence comes to achieve a strategic partnership to achieve the ambitions of the Central Bank in the field of smart payments, especially that the payment industry in the evolution of systems and at a lower cost for all segments of society," pointing out that "the world is on the outskirts of the development of the system of transactions A new development of the form of transactions, where there will be 50 billion payment devices by 2020 linked to the Internet serving trade and various processes of life.
He pointed out to "provide the necessary technology in cooperation with the Central Bank, which led us to develop a strategy to support the financial coverage and the success of its goals, according to plans prepared for that at the lowest costs."
Visa has issued more than 3 billion cards and is looking to increase this figure through direct investment to fully guarantee all transactions and information.
Director General of payments at the Central Bank, Subhi Abdul Karim, the return of the Visa company to Iraq, the great achievement, which is calculated to manage the central bank and coordination with banks.


We precede the other
"We are today in front of a new payment map in Iraq and we carry the slogan of 'the other ahead' in terms of the most advanced systems and the latest, starting from the availability of infrastructure available to promote advanced payments," she said, adding that "the central support for competition between developed companies wishing to enter the Iraqi market , And we welcome the entry of Visa into our local market. "
"The Central Bank has a permanent study on the local market and can provide accurate information to the companies concerned," she said.
"The Central Bank has succeeded in setting the necessary lines for the success of the transition to a more advanced stage in the payment and transfer of the community to electronic transactions," said Wadih Khantal, head of the Iraqi Private Banking Association.
He pointed out that "the presence of international companies in Iraq is proof that it has a promising market and benefits and profits for companies and roads beneficiary," noting that "the Association supports international companies and provide all that contributes to the success of this trend
Positive. "


Economic blocs
The financial expert on the financial Ali Faleh al-Zaidi said: "Iraq is one of the economic blocs important and influential in the economies of the region and the world, and this requires that it has sophisticated payments systems harmonize and the requirements of the future work of the country and size, where the international effort is looking at developed systems dealing with large numbers" .
He pointed out that "there is a great desire by the banking sector to develop the joints of its work to possess the best systems that enable it to compete with regional and international banks." He stressed that "banks now have integrated plans to develop their human resources to enable advanced systems."

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