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Fintech News ME
15-07-2025
- Business
- Fintech News ME
Bahaa Abdul Hadi to Lead New MENA Fintech Association Chapter in Iraq
The MENA Fintech Association (MFTA), a not-for-profit organisation supporting fintech innovation across the Middle East and Africa, has launched its Iraq Chapter. Bahaa Abdul Hadi, an Iraqi-Canadian entrepreneur and fintech figure, has been appointed as Chapter Chair. He will lead efforts to advance digital financial services in Iraq and strengthen compliance with international standards. The launch comes amid a period of rapid change in Iraq's financial sector, driven by digital banking, mobile payments, and regulatory reform. The recent introduction of the Central Bank of Iraq's Digital Payment Regulation No. 2 of 2024 aims to reduce reliance on cash, improve transparency, and encourage broader use of digital payment systems. Supported by the Central Bank and the United Nations Development Programme, the regulation is part of wider efforts to modernise Iraq's financial infrastructure and expand access to financial services. Bahaa Abdul Hadi is known for co-founding International Smart Card (ISC) in 2009, the company behind Qi Card, a biometric payment solution that has played a central role in Iraq's digital payments landscape. Under his leadership, ISC has become a key player in promoting financial inclusion and delivering digital services across both public and private sectors. 'The future of Iraq is digital, and fintech is at the heart of this transformation,' said Abdul Hadi. 'Through the MFTA Iraq Chapter, we are creating an ecosystem that fosters innovation, collaboration, and financial empowerment. By working closely with regulators, financial institutions, and technology innovators, we aim to drive the adoption of secure and efficient digital payment solutions that serve the needs of the Iraqi people and businesses.' The MENA Fintech Association currently includes over 22,000 members across countries such as the UAE, Bahrain, Saudi Arabia, Oman, Qatar, Egypt, Morocco, and Ivory Coast. Its country chapters, including MFTA Bahrain, MFTA Saudi, MFTA Qatar, and MFTA Africa, engage with regulators and stakeholders to shape fintech policy and market development across the region. Nameer Khan, Chairman of the MENA Fintech Association, said: 'Iraq's fintech transformation is a pivotal step toward a digitally inclusive and resilient economy. The launch of MFTA Iraq is more than expansion, it is about positioning Iraq as a key player in the region's fintech evolution. With increasing digital adoption and regulatory progress, Iraq has an opportunity to leapfrog into a thriving fintech hub.' The MFTA Iraq Chapter is expected to release its 2025 roadmap in the coming weeks, outlining its priorities in regulatory development, digital banking, and inclusive finance.
Mid East Info
15-07-2025
- Business
- Mid East Info
MENA Fintech Association Launches Iraq Chapter, Appoints Bahaa Abdul Hadi as Country Chair - Middle East Business News and Information
(DUBAI) — The MENA Fintech Association (MFTA), the leading not-for-profit organization dedicated to fostering fintech innovation and collaboration across the Middle East and Africa, today announced the launch of its Iraq Chapter. Mr. Bahaa Abdul Hadi, a distinguished Iraqi-Canadian entrepreneur and fintech pioneer, has been appointed as the Chapter Chair, bringing his extensive expertise and vision to drive digital financial transformation in Iraq and foster international compliance in Iraq. Bahaa Abdul Hadi will lead the association's initiatives in Iraq, focusing on accelerating fintech adoption, fostering collaboration, and supporting the country's evolving financial risk and compliance infrastructure. A Vision for a Digital Iraq Iraq's financial sector is witnessing a wave of transformation, driven by digital banking initiatives, mobile payments, and fintech innovation, and fueled by economic reforms, increasing financial inclusion, and rapid digital adoption. The introduction of the Digital Payment Regulation No.2 of 2024, aiming to reduce cash dependency, increase transparency, and drive greater adoption of digital payment tools, marks a significant leap towards a cashless economy. Backed by the Central Bank of Iraq (CBI), and United Nations Development Programme (UNDP), this regulation is designed to modernize Iraq's financial infrastructure, enhance financial inclusion, and align with international best practices. The total volume of digital transactions in Iraq surged from 2.6 trillion to 7.6 trillion Iraqi Dinars within a year, reflecting growing trust and adoption of digital finance. The launch of the MFTA Iraq Chapter comes at a pivotal time when the nation is embracing financial technology as a key enabler of economic stability and growth. With fintech investments on the rise, supported by regulatory advancements and a growing digital economy, Iraq is poised to emerge as a leading fintech hub in the region. Mr. Bahaa Abdul Hadi, a visionary leader and fintech advocate, has played a crucial role in shaping Iraq's digital financial sector. As the co-founder of International Smart Card (ISC) in 2009, he introduced flagship Qi Card, a pioneering biometric payment solution that transformed Iraq's financial landscape by offering secure and efficient digital transactions. Under his leadership, ISC has become a cornerstone of Iraq's fintech ecosystem, serving both public and private sector partners while driving financial inclusion for millions of Iraqis. 'The future of Iraq is digital, and fintech is at the heart of this transformation. Through the MFTA Iraq Chapter, we are creating an ecosystem that fosters innovation, collaboration, and financial empowerment,' said Bahaa Abdul Hadi, Chair of MFTA Iraq. 'By working closely with regulators, financial institutions, and technology innovators, we aim to drive the adoption of secure and efficient digital payment solutions that serve the needs of the Iraqi people and businesses.' The Role of MFTA Iraq With Iraq undergoing economic diversification and digital transformation, the MFTA Iraq Chapter will play a vital role in accelerating fintech collaboration through key initiatives: Promoting Innovation Strengthening Collaboration Enhancing Financial Literacy Supporting Regulatory Advancements Fintech for the Good With a community of 22,000+ members spanning the UAE, Bahrain, Saudi Arabia, Oman, Qatar, Egypt, Morocco, and Ivory Coast, MFTA is playing an increasingly pivotal role in shaping digital banking policy, regulatory engagement, and market development. Through its dedicated country chapters – including MFTA BAHRAIN, MFTA SAUDI, MFTA QATAR, and MFTA AFRICA – MFTA ensures MENA's fintech ecosystem remains globally competitive and innovation-driven. The country chapter will unveil its 2025 roadmap in the coming weeks, detailing strategic initiatives focused on regulatory modernization, digital banking infrastructure development, and fintech for the good. Nameer Khan, Chairman of the MENA Fintech Association, said: 'Iraq's fintech transformation is a pivotal step toward a digitally inclusive and resilient economy. The launch of MFTA Iraq is more than expansion — it is about positioning Iraq as a key player in the region's fintech evolution. With increasing digital adoption and regulatory progress, Iraq has an opportunity to leapfrog into a thriving fintech hub.' 'MFTA Iraq, under the visionary stewardship of Bahaa Abdul Hadi, will drive regulatory dialogue, foster public-private partnerships, and embed fintech into Iraq's financial future. This is about economic empowerment, cross-border trade, and integrating Iraq into MENA's fintech landscape. MFTA is committed to ensuring fintech innovation in Iraq is recognized, scaled, and aligned with global financial trends', Nameer Khan added. The MFTA Iraq Chapter is set to play a crucial role in shaping the future of financial services in Iraq. With a strong focus on digital innovation, regulatory collaboration, compliance and financial inclusion, the chapter aims to drive economic growth and position Iraq as a fintech powerhouse in the region.
Iraq Business
15-07-2025
- Business
- Iraq Business
MENA Fintech Association Launches Iraq Chapter
By John Lee. The MENA Fintech Association (MFTA) has launched its Iraq Chapter, according to a report from Arqam . It says it has appointed Iraqi-Canadian entrepreneur Bahaa Abdul Hadi, co-founder of International Smart Card (ISC) and architect of Iraq's Qi Card biometric payment solution, as the Chairperson. " The future of Iraq is digital, and fintech is at the heart of this transformation, " said Abdul Hadi. " Through the MFTA Iraq Chapter, we are creating an ecosystem that fosters innovation, collaboration, and financial empowerment. " More here. (Source: Arqam)
Shafaq News
29-06-2025
- Business
- Shafaq News
Iraqi MP: US pressure disrupts PMF salaries
Shafaq News – Baghdad/Washington The United States is ramping up pressure on Iraq's government, financial sector, and Visa Card companies, a senior Iraqi lawmaker disclosed on Sunday. Moeen Al-Kadhimi, a member of the Parliamentary Finance Committee, told Shafaq News that salaries for the Popular Mobilization Forces (PMF), typically processed through Al-Rafidain Bank in cooperation with Qi Card, had been frozen under what he described as 'intense American pressure.' To keep payments moving, Al-Kadhimi urged PMF leaders to temporarily revert to manual payroll lists and distribute salaries in cash until new deals with local banks can secure future electronic transfers. The salary freeze came just two days after their scheduled release, fueling speculation over whether technical glitches or Qi Card's refusal to process funds caused the disruption. PMF officials maintain the money is available and say talks with the Finance Ministry and local banks are ongoing to restore regular disbursement.
Tahawul Tech
22-06-2025
- Business
- Tahawul Tech
Qi, K2 Integrity join forces to align Iraq's financial sector with global standards
Dubai — Iraq's leading digital payment platform, Qi, International Smart Card or Qi Card, has signed a landmark partnership with K2 Integrity, a global compliance and financial crime advisory firm. The 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 Qi's internal controls and developing a model for strengthening the integrity of the 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 marks a pivotal milestone in Iraq's compliance evolution, strengthening national capabilities and building a foundation for secure, scalable financial growth.
