The Central Bank of Iraq (CBE) announced today the signing of a Memorandum of Understanding (MoU) with Yunin B International International, which is to contribute to the development of intelligent payment technologies and electronic payment services in Iraq . 

" The Iraqi Central Bank, represented by Governor Mohsen Ismail , signed a memorandum of understanding (MoU) with Yunin International International on Wednesday to contribute to the development of intelligent payment technologies and electronic payment services in Iraq," the department said in a press release .
"This agreement came in light of the strategy of the Central Bank to develop electronic payment services and open the horizons of work and competition for international companies to actively contribute to the implementation of current and future plans for the electronic payment sector as well as the development of this sector and the transfer of expertise that this company has to the Iraqi market, Facilitate easy and smooth payment and transfer of money through cards to boost trade between Iraq and China, as well as various domestic and international remittance services. " 

"The company intends to enhance the collection of card purchases through traders using the latest technology developed by the company over the years in mature and promising markets," the administration said. "Supporting international companies and organizing their work in Iraq will directly contribute to providing the best services and providing effective competition In this area".

The administration that "this note is the third signed by the bank in 2018 with global card companies (MasterCard, Visa Card, Younine BV International) part of its plans to expand the use of high technology to enhance the work cards and the development of payment systems according to international best practices." 

Yunin B is one of the largest companies in China and most of the Asian countries in this field, in addition to being the third largest international company to issue and collect cards.