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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Dubai's Deyaar to launch 110-storey residential tower in Business Bay
Deyaar Development is set to launch a 110-storey residential tower in Business Bay, according to a project brochure released by the developer. 'Rising 110 floors, DWTN Residences is a landmark destination where life's finest experiences converge,' the Dubai-listed developer said in an emailed brochure. 'The tower will offer 180-degree views and over 75,000 square feet (sq ft) of unparalleled facilities and amenities,' the brochure said. The developer is currently gauging the interest from real estate agents and buyers for one-, two-, and three-bedroom apartments. No details were given on the launch date or costs. In January 2025, Refine Development Management said its investment and development arm will launch a 100-storey twin-tower lifestyle development on Sheikh Zayed Road this year. Last year, three developers launched mega-tall towers in Dubai. In January 2024, Danube Properties unveiled Bayz101, a 101-floor tower in Business Bay. Select Group launched its 122-storey Six Senses Residences Dubai Marina in April, followed by Azizi Developments launching the 131-storey Burj Azizi in September. In November 2022, Binghatti and Jacob & Co. launched the over 100-storey Burj Binghatti Jacob & Co Residences. Dubai is already home to the 828-meter Burj Khalifa, the tallest building in the world. Additionally, the emirate hosts five of top 10 tallest residential buildings in the world - the101-storey Marina 101 tower; 101-storey Princess Tower; 88-storey 23 Marina; 91-storey Elite Residence and 80-storey The Torch, all located in Dubai Marina. (Editing by Anoop Menon) (
Khaleej Times
2 hours ago
- Khaleej Times
Virtual companions, chatbot-therapists: Is AI replacing human connections?
I was listening to the radio on my way to work when a well-known RJ on one of the channels here in the UAE mentioned how she couldn't sleep the previous night, so she chatted with ChatGPT until she finally drifted off. The point of mentioning this isn't to debate insomnia remedies (as the show did), but to highlight something deeper — our growing emotional and cognitive reliance on digital solutions. While social media platforms offer 'free' services quietly shaping our behaviours, the market constantly convinces us we need the latest smartphone, algorithms trap us in filter bubbles, feeding us only what aligns with our existing views. And now, artificial intelligence (AI) chatbots and virtual companions are being designed to fulfill human desires, companionship, validation, and even therapy. Yet as a society, we are experiencing a disconnect like never before. The question is no longer just whether technology is replacing human connection, but how much of our emotional lives we are willing to outsource. As loneliness surges, so do our efforts to fight it. It's instinct. With digital platforms around us so much of the time, we naturally turn to it. A 46-year-old woman living in a family-friendly neighbourhood shared her struggle with loneliness on social media. People had plenty of solutions, including making an AI friend. A growing number of AI-powered virtual companions are now available online, offering round-the-clock support without fear of judgment. These digital assistants have become a valuable resource for individuals hesitant to share their emotions and concerns with others due to social anxiety or fear of criticism. These services aren't just for early adopters anymore, they are going mainstream fast. Among them, Replika has gained significant attention and popularity. Marketed as 'the AI Companion who cares, always here to listen and talk, always on your side', the app's reassuring message has resonated with users. Several reputable news outlets have featured the program as well. Social media apps promote connectivity, but studies show that regular users frequently experience loneliness, indicating that the sense of connection may be superficial. The benefits of AI characters come with significant risks, particularly for adolescents. Emotional dependency on AI can erode real-world social interactions and coping skills, potentially isolating users from familial and communal networks. AI remembers every detail of the conversation and gives the illusion of being a sincere friend, says Dr Jihene Mrabet, a psychologist with academic expertise in AI. She elaborates that these mental health applications are capable of diagnosing psychological issues and even providing coaching advice. 'However, the concern is always about to what extent one can rely on these chatbots, since we don't know who is behind the technology, what their understanding of human psychology is, or how confidentiality is maintained in such interactions. We do not even know if the designers have proper guardrails,' Dr Jihene explains. A Florida mother, Megan Garcia, is holding AI accountable for her 14-year-old son's death. In a lawsuit against the company, Garcia alleges deeply personal AI exchanges contributed to her son's suicide. She's demanding accountability to shield other families from similar devastation. As we increasingly turn to AI for companionship, we must ask: Are we creating a world where technology replaces human connection. And if so, at what cost? Developers, policymakers, and mental health experts must collaborate to enforce ethical safeguards, especially for vulnerable users.
The National
2 hours ago
- The National
UAE helped US regulators frame digital asset policy, Circle president says
Stablecoin issuer Circle Internet Group says the UAE has played a vital role in helping US regulators frame digital asset policies, reflecting the growing influence of the Emirates in the global technology stage. The company, which manages the world's second-biggest stablecoin, USDC, raised more than $1 billion at its initial public offering on the New York Stock Exchange on Thursday, reflecting the legitimacy of digital assets and the growing attention they attract from regulators, its president Heath Tarbert told The National. The listing valued the New York City-based Circle at around $6.8 billion after it priced its IPO at $31 per share, well above the projected top range of $27 and $28, making it one of the most prominent crypto firms that has tapped into equity markets. With the emergence of digital asset providers in the markets, regulation becomes more magnified especially in the US, which has banked on fellow forward-looking and tech-oriented nations such as the UAE for policies that would be a standard globally, said Mr Tarbert, who also served as assistant secretary of the US Treasury and chairman of the Commodity Futures Trading Commission. "While people do look to the US, it has been looking elsewhere as well for ideas, given the importance of digital assets and trying to get it right, and they've looked no further than the UAE," he said in an interview. "I would commend … particularly the financial services authorities in Dubai and Abu Dhabi for being at the forefront of this because they've actually helped inform US policymakers … there's a real realisation that stablecoins in particular can do a lot for our financial system." Cryptocurrencies in general are notoriously driven by trends and political developments. US President Donald Trump, arguably the world's biggest backer of crypto, gave an unprecedented boost to the sector – most notably Bitcoin – which scaled multiple highs early in his second term. "Politics can play a role in anything, but it's ultimately fundamental technology that will prevail," Mr Tarbert said, noting that Mr Trump "seeing the importance" of crypto "can also help the US continue to be a leader in technology". A stablecoin is a type of cryptocurrency that is pegged to a fiat currency and tends to be less volatile, unlike Bitcoin and the like, for which swings are influenced by simple factors such as tweets and hype. Unlike legacy financial institutions that require paperwork, approvals and physical branches, stablecoins only require an internet connection and a digital wallet. This removes barriers and allows anyone, anywhere, to send, receive and store money without needing a bank. AE Coin, the first regulated digital currency in the UAE, was granted final approval by local authorities and is scheduled to be launched 'soon'. In April, Abu Dhabi entities IHC, ADQ and First Abu Dhabi Bank plan to launch a dirham-backed stablecoin, which will be fully regulated by the UAE Central Bank, aimed at easing payment solutions. Tether, whose USDT is the world's biggest stablecoin, in August received the go-ahead to develop a stablecoin in the UAE. And Circle, which last year incorporated a unit in Abu Dhabi, partnered with Binance in December to incorporate USDC into products that can be used locally. Mr Tarbert said stablecoins will allow users to move in and out of digital assets, in addition to being a store of value globally, helping secure their finances. In particular, the UAE, a major source of remittance outflows, can benefit from their secure nature, he added. "People want to hold things like dollars in particular, but also euros and other currencies in their wallets safely and securely," he said. "The UAE is a major remittance corridor in the world … [stablecoins will provide] that fulcrum between east and west, north and south."
