Latest news with #InternationalSmartCard
Khaleej Times
a day ago
- Business
- Khaleej Times
Fintech major Qi andUS-based K2 Integrity join forces to align Iraq's financial sector with global standards
In a strategic move to strengthen financial compliance standards across its operations, Qi, also known as International Smart Card, has signed a landmark partnership with K2 Integrity, a global compliance and financial crime advisory firm. Qi-K2 scope of work will be split into Qi UAE, Qi Jordan and Qi Iraq. K2 Integrity will build a large operations and compliance back office in Jordan for Qi and will integrate this office into Qi's compliance ecosystem. K2 Integrity will further use Qi's UAE back office as an innovation incubator and sandbox for new Qi products and services. This long-term collaboration marks a new milestone for upgrading not only Qi's internal controls but also developing a model for strengthening the integrity for the entire Iraqi financial system. The agreement comes at a time when the Iraqi economy has started rebuilding post war and the country has increased its multilateral integration with the international financial institutions, central banks, governments and foreign investors. The concerns over outdated compliance and transparency have challenged the country's reputation. At this point, Qi has taken decisive action and partnered with a pioneer and powerhouse of the modern global AML/CFT compliance and standards conglomerate. The Qi and K2 Integrity duo is set to shift this narrative and build a model of excellence for compliance in Iraq. 'This is not just about one business group,' said Bahaa Abdul Hadi, chairman of International Smart Card (ISC), which owns and operates the Qi Card platform. 'This is about Iraq and its economic future. We believe in leading by example as we did in the past. We are investing heavily to ensure our systems, people, and partners meet the highest global standards of financial integrity.' 'This partnership illustrates Qi's proactive stance in positioning the company's and Iraq's electronic payment infrastructure at the forefront of global compliance standards,' said Bahaa. The partnership spans a 36-month roadmap split into three phases, where K2 Integrity will perform the following strategic tasks: Evaluate and transform Qi's current financial crime compliance (FCC) framework. Train Qi's personnel across all levels - from frontline staff to executive leadership. Take operational responsibility for implementing globally benchmarked compliance practices. Transition the program into a sustainable, best-in-class model eventually managed by Qi. What distinguishes this initiative is its national impact. Qi is Iraq's largest electronic payment platform, serving millions of customers and integrating with the central government, major banks, and global payment networks. The compliance infrastructure built with K2 Integrity for Qi will ripple across the country's financial ecosystem, influencing how banks, the fintech sector, and regulators approach risk, governance, and trust. The New York-based K2 Integrity brings decades of experience advising the US government, international institutions, and Fortune 500 banks. Its team includes former senior US Treasury officials who helped craft counter-illicit finance strategies and global standards. K2 Integrity's entry in Iraq signals confidence in Iraq's financial reform trajectory. 'Qi is setting the tone for a new era in Iraq,' said Chip Poncy, global head of Financial Integrity at K2 Integrity. 'By committing to global standards and transparency, Qi is building not just resilience, but regional leadership in financial compliance.' This initiative will position Iraq to regain credibility with international partners, attract investment, and enable more secure, scalable cross-border transactions, particularly vital for trade, remittances, and financial inclusion.
Mid East Info
2 days ago
- Business
- Mid East Info
Fintech Major Qi and U.S.-based K2 Integrity Join Forces to Align Iraq's Financial Sector with Global Standards
This partnership illustrates Qi's proactive stance in positioning the company's and Iraq's electronic payment infrastructure at the forefront of global compliance standards – Bahaa Abdul Hadi ( Dubai, United Arab Emirates ) – In a strategic move to strengthen financial compliance standards across its operations, Qi, also known as International Smart Card, has signed a landmark partnership with K2 Integrity, a global compliance and financial crime advisory firm. Qi-K2 scope of work will be split into Qi UAE, Qi Jordan and Qi Iraq. K2 Integrity will build a large operations and compliance back office in Jordan for Qi and will integrate this office into Qi's compliance ecosystem. K2 Integrity will further use Qi's UAE back office as an innovation incubator and sandbox for new Qi products and services. This long-term collaboration marks a new milestone for upgrading not only Qi's internal controls but also developing a model for strengthening the integrity for the entire Iraqi financial system. The agreement comes at a time when the Iraqi economy has started rebuilding post war and the country has increased its multilateral integration with the international financial institutions, central banks, governments and foreign investors. The concerns over outdated compliance and transparency have challenged the country's reputation. At this point, Qi has taken decisive action and partnered with a pioneer and powerhouse of the modern global AML/CFT compliance and standards conglomerate. The Qi and K2 Integrity duo is set to shift this narrative and build a model of excellence for compliance in Iraq. 'This is not just about one business group,' said Bahaa Abdul Hadi, Chairman of International Smart Card (ISC), which owns and operates the Qi Card platform. 'This is about Iraq and its economic future. We believe in leading by example as we did in the past. We are investing heavily to ensure our systems, people, and partners meet the highest global standards of financial integrity.' 'This partnership illustrates Qi's proactive stance in positioning the company's and Iraq's electronic payment infrastructure at the forefront of global compliance standards,' said Bahaa. Setting National Roadmap The partnership spans a 36-month roadmap split into three phases, where K2 Integrity will perform the following strategic tasks. Evaluate and transform Qi's current financial crime compliance (FCC) Train Qi's personnel across all levels—from frontline staff to executive Take operational responsibility for implementing globally benchmarked compliance Transition the program into a sustainable, best-in-class model eventually managed by What distinguishes this initiative is its national impact. Qi is Iraq's largest electronic payment platform, serving millions of customers and integrating with the central government, major banks, and global payment networks. The compliance infrastructure built with K2 Integrity for Qi will ripple across the country's financial ecosystem, influencing how banks, the fintech sector, and regulators approach risk, governance, and trust. Bringing Global Expertise to Iraq The New York-based K2 Integrity brings decades of experience advising the U.S. government, international institutions, and Fortune 500 banks. Its team includes former senior U.S. Treasury officials who helped craft counter-illicit finance strategies and global standards. K2 Integrity's entry in Iraq signals confidence in Iraq's financial reform trajectory. 'Qi is setting the tone for a new era in Iraq,' said Chip Poncy, Global Head of Financial Integrity at K2 Integrity. 'By committing to global standards and transparency, Qi is building not just resilience, but regional leadership in financial compliance.' Reclaiming Iraq's Financial Legacy This initiative marks a pivotal milestone in Iraq's compliance evolution—strengthening national capabilities and building a foundation for secure, scalable financial growth. It positions Iraq to regain credibility with international partners, attract investment, and enable more secure, scalable cross-border transactions, particularly vital for trade, remittances, and financial inclusion. About Qi: Qi, also known as the International Smart Card or Qi Card, is Iraq's leading digital payment platform, serving over 10 million customers through a unified ecosystem of cards, mobile wallets, merchant services, and government integrations. With a mission to empower the Iraqi economy through transparency, innovation, and financial inclusion, Qi continues to lead Iraq's digital transformation journey. About K2 Integrity: K2 Integrity is a global leader in risk advisory, compliance, and investigations. With a legacy of shaping financial integrity standards and advising on complex cross-border regulatory issues, K2 Integrity empowers institutions worldwide to navigate risk and drive trust.
Fintech News ME
3 days ago
- Business
- Fintech News ME
Qi Teams Up with K2 Integrity to Boost Iraq's Financial Compliance Standards
Qi, also known as International Smart Card and based in Iraq, has entered into a strategic partnership with K2 Integrity, a United States-based advisory firm specialising in compliance and financial crime prevention. The agreement is intended to enhance the financial compliance standards across Qi's operations in the UAE, Jordan, and Iraq. Under the terms of the partnership, K2 Integrity will establish a large operations and compliance office in Jordan, which will be integrated into Qi's broader compliance framework. Qi's back office in the UAE will also be used by K2 Integrity as a space for testing and developing new products and services. The collaboration represents a step towards upgrading Qi's internal controls and establishing a compliance model aimed at supporting the wider Iraqi financial system. The partnership comes at a time when Iraq is focusing on economic reconstruction and reintegration into the global financial system. Transparency and outdated compliance infrastructure have been areas of concern, affecting the country's reputation with international institutions and investors. Qi has taken action by working with K2 Integrity, a firm recognised for its work in anti-money laundering and counter-terrorist financing standards. The initiative aims to address these challenges and contribute to broader efforts to improve financial integrity in Iraq. 'This is not just about one business group,' said Bahaa Abdul Hadi, Chairman of International Smart Card, which operates the Qi Card platform. 'This is about Iraq and its economic future. We believe in leading by example as we did in the past. We are investing heavily to ensure our systems, people, and partners meet the highest global standards of financial integrity.' He added that the partnership reflects Qi's commitment to aligning Iraq's electronic payments infrastructure with international compliance expectations. The collaboration will span 36 months and will be carried out in three phases. K2 Integrity will be responsible for evaluating and revising Qi's financial crime compliance framework, providing training to personnel across all levels, taking over operations to implement international best practices, and eventually transitioning the programme to be managed internally by Qi. The scale of this initiative is expected to have a national impact. As Iraq's largest electronic payment provider, Qi works with government agencies, banks, and global financial networks. The compliance systems developed through this partnership are likely to influence broader regulatory and industry standards in the country. K2 Integrity, based in New York, has a track record of advising governments, multinational institutions, and major banks. Its team includes former officials from the US Treasury with experience in designing global compliance and financial crime prevention strategies. The firm's involvement in Iraq reflects a level of confidence in the country's direction on financial reforms. 'Qi is setting the tone for a new era in Iraq,' said Chip Poncy, Global Head of Financial Integrity at K2 Integrity. 'By committing to global standards and transparency, Qi is building not just resilience, but regional leadership in financial compliance.' The initiative is viewed as a significant development in Iraq's efforts to improve compliance frameworks, foster investor trust, and support financial stability. It is also expected to facilitate cross-border transactions and improve access to financial services, supporting the country's broader economic goals.
Tahawul Tech
28-05-2025
- Business
- Tahawul Tech
Qi Card powers digital leap beyond borders
Bahaa Abdul Hadi, Chairman of International Smart Card, shares how the journey of Iraq's fintech pioneer transforms lives — from biometric smart cards to a digital-first financial future. International Smart Card (ISC), also known by its most popular product – Qi Card – has emerged as a force of digital disruption in Iraq and is making waves in foreign markets. Since its launch in 2007, International Smart Card has steadily redefined how millions of Iraqis access and use financial services. Spearheaded by visionary Chairman Bahaa Abdul Hadi, the company has evolved from rolling out the Middle East's first biometric smart card – Qi Card – to launching SuperQi app, a cutting-edge digital wallet, a digital bank powered by global tech leader Ant International. Hadi shares insights with on what lies ahead for fintech in Iraq and the wider MENA region. Interview Excerpts: Q: What have been the key milestones in International Smart Card 's journey since its inception in 2007, and how has it shaped the fintech landscape in Iraq and the broader Middle East? Backed by its holding company International Smart Card, we launched Qi Card in 2007 as the region's first biometric smart card, and within just two years, we reached 1.6 million users. By 2015, it was accepted by over 30,000 merchants, effectively turning government salaries into digital cash. During the pandemic, we surpassed 10 million users, ensuring uninterrupted payroll services in a time of severe crisis like the lockdown during Covid 19 pandemic. This year, we moved beyond plastic with the launch of SuperQi, our next-gen digital wallet, showing the world that Iraq can leapfrog into the future of fintech. Q: How did International Smart Card overcome the initial challenges in deploying this innovation, and what impact has it had on the Iraqi government's digital services? Connectivity was limited, and PIN-based authentication was unfamiliar to many users. Our solution was to store an encrypted fingerprint directly on the card, enabling secure offline verification. This approach not only addressed issues of fraud and illiteracy but also empowered the government to pay salaries and benefits digitally to over seven million employees, pensioners, and social-security recipients, with near-zero leakage. Q: The recently launched SuperQi app, in collaboration with Ant International, operates like a digital bank. What unique features does the app offer? SuperQi allows users to open an account in minutes, send money via phone numbers, scan-to-pay both locally and internationally, access instant instalment loans, and manage bills — all in Arabic, English, or Kurdish. With Ant's wallet technology, we're blending local trust with global infrastructure. It's a powerful example of how fintech can make finance inclusive and borderless – opens the gateways for the future of finance and open banking. Q: How does International Smart Card plan to further expand its user base and stay ahead of rapidly evolving fintech trends in the region? Our immediate focus is on moving our 11 million cardholders to SuperQi app and expanding the network of QR acceptance points. In 2025, we're launching an open developer portal to accelerate fintech innovation on our platform. 'We expect to surpass 15 million active digital wallets by 2027.' Q: How do you see fintech shaping economic growth and digital transformation in the region? Instant salary access is one of the most powerful ways to advance financial inclusion. It brings liquidity into households when it's most needed, reduces reliance on hard cash, and builds trust in digital systems. Fintech, at its best, should make money more accessible, more efficient, and more empowering — and that's the future we're committed to building in Iraq and taking it beyond borders.
Khaleej Times
28-05-2025
- Business
- Khaleej Times
Qi Card champions Iraq's fintech shift at Seamless Middle East
Qi Card, Iraq's largest fintech firm, spotlighted its transformative role in shifting the country from a cash-dependent society to a digitally connected economy during the final day of the Seamless Middle East conference. Ahmed Khadum, chief investment officer of Qi Card delivered a keynote titled 'From Cash to Digital: How Iraq Built a Scalable Payment Ecosystem,' sharing insights on how Qi Card helped design and lead one of the Middle East's most ambitious national fintech transformations. Established in 2007 through a strategic public-private partnership between International Smart Card (ISC) and the Iraqi financial institutions, Qi Card has grown from a basic payment card into a wide-ranging financial services consortium. 'Our vision extends beyond Iraq - it is about serving broader communities and contributing to humanity at large. I am personally committed to ensuring that both my efforts and our projects make a meaningful impact on people's lives.', said Bahaa Abdul Hadi, the chairman and co-founder of the Qi Card, also known as the International Smart Card. 'Our next phase of expansion is focused on the UAE, where we are actively engaging with both public and private sector stakeholders. We are preparing to launch a range of initiatives spanning fintech, insurtech, logistics, and payments, along with several programmes aimed at giving back to society,' Hadi added. Today, Qi Card serves more than 12 million Iraqis, including government employees, pensioners, private sector workers, and social service communities. Its key services span salary disbursements, personal loans, digital banking tools and biometric security. 'Our story is not just about technology — it's about national resilience,' said Khadum. 'We built this system during some of Iraq's most difficult years yet managed to extend it to every province. That's the model we're sharing in Dubai to the global community of financial technology — how to enable modern financial services under pressure, with purpose, and at scale,' he added.
