The Central Bank of Iraq has granted the Iraq branch of Istanbul Payment and Electronic Money Company (IST-PAY) a final license to operate domestically as an issuer, processor and acquirer. The company must begin providing services within 180 days of the license grant. Its operations must align with the national electronic payment scheme project and comply with applicable electronic payment services and financial crime requirements. The decision also allows the company’s submitted expenditure to count toward its remaining capital requirement and exempts it from the associated deposit requirement. Within one month of the licensing letter, the company must provide supporting documentation for purchases of servers, software and related equipment, with verification that they have entered service. It must also submit the parent company’s certified incorporation documents translated into Arabic and an authenticated lease in the company’s name or an occupancy confirmation.
Central Bank of Iraq grants IST-PAY final license for domestic electronic payment services
The Central Bank of Iraq has licensed IST-PAY’s Iraq branch to provide domestic payment services as an issuer, processor and acquirer, with operations required to begin within 180 days of licensing. The decision recognizes submitted expenditure toward the remaining capital requirement and waives the associated deposit requirement. The company must provide technology purchase and deployment evidence, certified incorporation documents and premises documentation within one month of the licensing letter.