Fintech Major Qi and U.S.-based K2 Integrity join forces to align Iraq's financial sector with global standards

Zawya

5 hours ago

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 The concerns over outdated compliance and transparency have challenged the country's reputation.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) 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.
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. www.qi.iq
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. www.k2integrity.com