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The Central Bank requires the processing and preservation of electronic payment data inside Iraq
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Date Added 04/18/2018
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Date Added 04/18/2018
The central bank announced on Wednesday that it should be processing and storing data on electronic payments within Iraq .
"In view of the strategic plan of the Central Bank of Iraq to regulate electronic payment activities towards competition and non-monopoly and the transfer of foreign expertise to Iraq, it was decided that the processing and preservation of data on electronic payments within Iraq, " the central bank said in a statement received by the economy .
The statement added that "three local companies were licensed to provide electronic payment services in which the processing of data for all customers in their data centers within Iraq to date," referring to the efforts of international companies to obtain work permits from the relevant authorities, and that all processing and conservation within Centers in Iraq exclusively .
He explained that "in the case of the desire of foreign companies that will be licensed to work in Iraq to participate with local e-payment companies, the participation rate must not be less than 51% for the benefit of the local entity ."
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