Central and Visa World Sign Memorandum of Understanding

by **Rocky** Sat 28 Apr 2018, 2:32 am

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Central and Visa World Sign Memorandum of Understanding

by Rocky Sat 28 Apr 2018, 2:32 am

Central and Visa World Sign Memorandum of Understanding

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28/4/2018 12:00 am

[rtl]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 Tariq Al Husseini said: "Our presence comes to achieve a strategic partnership that achieves the Central Bank's ambitions in the area of smart payments, especially as the payments industry in the continuous development of systems and at a lower cost for all segments of society," pointing out that "
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. Get ahead of the other and said: "We are today in front of a new push in Iraq , and we hold the slogan {get ahead of the other map} in terms of sophisticated systems and the latest, departing from the availability of infrastructure available for the advancement of advanced payments , " noting that " the central supporter of the competition among advanced 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 laying the necessary lines for the success of the transition to a more advanced stage in the payment structure and the transformation of the community into 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
positive trend ." 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."[/rtl]

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