Reported by HPMM Group according to IntelliNews  ; the Central Bank of Iran (CBI) announced this month that it is in ongoing talks with foreign card companies to reconnect Iran’s payment systems to international networks.

The bank’s governor, Valiollah Seif said to Iran Bank and Economy News Agency, that “the CBI is building the necessary infrastructure [for foreign cards to re-enter the country]”.

Seif said in his interview that, “Negotiations have taken place with unnamed businesses that issue cards and problems relating to their entry are being finalised.”

Local media have speculated that this could mean that the likes of the US’ Visa and MasterCard and Japan’s JCB could make their official entry to the Iranian market in the coming months, but worries over US sanctions mean that it is more likely that Chinese card companies will seize a dominant position in this new market.

The path to plug Iran into the international card system has been a rocky one. The CBI has repeatedly pushed for foreign banking links since sanctions were removed in January. It even employed a foreign company to speed up efforts to bring in foreign card brands to the Islamic Republic but has since cancelled that contract.

Visa and MasterCard previously said that they had not held negotiations with Iran and that if their cards were issued in Iran this would breach the US’ continuing sanctions.