Latest news with #K2Integrity
Fintech News ME
7 hours 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 Transparency and outdated compliance infrastructure have been areas of concern, affecting the country's reputation with international institutions and investors.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.
Zawya
10 hours ago
- Business
- Zawya
Fintech Major Qi and U.S.-based K2 Integrity join forces to align Iraq's financial sector with global standards
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. 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.
