Iraq’s payments leader Qi taps K2 Integrity for nationwide financial compliance overhaul

19 June 2025 Consultancy-me.com

Iraqi digital payment provider Qi has inked a partnership agreement with K2 Integrity, aimed at strengthening the company’s financial compliance standards across its operations.

Founded in 2007 by Iraq’s two biggest state-owned banks together with the Iraqi Electronic Payment System, Qi is Iraq’s largest payment platforms, with its flagship product – the Qi Card – serving over 10 million customers through an ecosystem of cards, mobile wallets, merchant services, and government integrations. The Qi Card works similarly to well-known global credit cards such as Mastercard and Visa.

Qi is also one of the frontrunning innovators in Iraq’s digital payments ecosystem, in areas such as biometrics and technology.

Building excellence in compliance

As Iraq rebuilds its post-war economy and opens up more to international markets, its digital payments ecosystem has faced concerns over outdated compliance and transparency, putting a brake on investments from foreign investors, cooperation with international institutions, and overall trust in the state of the financial transactions landscape.

That trust is also fragile because of Iraq’s relatively poor performance on benchmarks for fraud, corruption and other forms of financial crime – all factors that can be mitigated more effectively through a robust and compliant payments value chain.

A transformation for the better

Well-positioned to pick up the gauntlet, the International Smart Card, which owns and operates the Qi Card platform, has now taken the initiative to adopt a model of excellence for compliance. The multi-year program will span the company’s full operations in Iraq, but also in Jordan and the UAE.

“This is not just about one business group,” said Bahaa Abdul Hadi, Chairman of International Smart Card. “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 goal of the program is to build a foundation for secure and compliant payments, positioning 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. “This initiative marks a pivotal milestone in Iraq’s compliance evolution,” Bahaa noted.

Iraq's payments leader Qi taps K2 Integrity for national financial compliance overhaul

Supported by K2 Integrity

Signed on as the lead consulting partner, K2 Integrity has been tasked with guiding and supporting the transformation. The partnership spans a 36-month roadmap split into three phases, with K2 Integrity to oversee a large number of activities.

The project will start with a comprehensive evaluation of Qi’s current financial crime compliance (FCC) framework. That analysis will help populate an action plan, with the implementation phase to be supported by K2 Integrity. The global consulting firm will also play a role in capability development, training personnel across all levels – from frontline staff to executive leadership.

K2 Integrity will take operational responsibility for implementing best practices, ensuring that compliance standards evolve into top tier levels seen in global benchmarks. This mandate will see K2 Integrity build a large operations and compliance back office in Jordan for Qi, and use Qi’s UAE back office as an innovation incubator and sandbox for new products and services.

US-headquartered K2 Integrity is one of the world’s leading consultancies for risk, governance and compliance in the financial services industry. Its team works for governments, international institutions, and Fortune 500 banks, and includes senior leaders who helped craft global standards in financial crime.

“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.”

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