Latest news with #paymentecosystem
Zawya
23-05-2025
- Business
- Zawya
How Qi Card is digitising Iraq's financial future at Scale
Highlights Qi's nationwide reach – serving 12 million Iraqis, 600 merchants, 70,000 POS terminals Qi's regional relevance, global impact Deeply committed to ensuring both my efforts & projects make a meaningful impact on people's lives – says Chairman Bahaa Abdul Hadi Qi partnered with Ant International and launched SuperQi app - combining digital banking and lifestyle services Dubai —On the conclusion day of the Seamless Fintech Middle East Forum, Qi Card, Iraq's largest fintech company, took centre stage, presenting its pivotal role in transitioning the nation from a cash-dependent society to a digitally connected economy. Chief Investment Officer Ahmed Khadum 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 programs aimed at giving back to society,' Bahaa 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 Ahmed Khadum, Chief Investment Officer at Qi Card. '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,' Ahmed said. Nationwide Reach Qi Card operates a nationwide infrastructure of over 70,000 point-of-sale (POS) terminals and serves over 6,000 merchants. Since 2018, it has disbursed over $4 billion in loans to more than 800,000 citizens, supporting small businesses, healthcare needs, and household improvements. Emergency lending programmes, such as Salifni, ensure workers can access short-term funds even during public sector salary delays. In 2024, Qi Card partnered with Ant International to launch the SuperQi app, combining digital banking and lifestyle services into a single platform. With features like scan-to-pay, peer transfers, bill payments, mobile recharge, and personal lending, SuperQi aims to serve 15 million users by 2026. Regional Relevance, Global Impact Qi Card's journey speaks directly to other economies working to reduce cash dependency. Strategic alliances — with Mastercard, Visa, Western Union, and Ant Group — have helped broaden its functionality, enable secure cross-border transactions, and deepen financial access in unbanked communities. As Iraq rebuilds and modernises its economic infrastructure, Qi Card remains at the forefront, championing financial accessibility, digital innovation, and long-term resilience. With a growing user base and a scalable, exportable model, Qi Card is positioned to lead not just Iraq's digital future, but also to inspire similar progress in frontier markets across the region and beyond.
Arabian Business
22-05-2025
- Business
- Arabian Business
Mastercard launches first Middle East Cyber Resilience Centre in Saudi Arabia
Mastercard announced the launch of its Cyber Resilience Centre in Saudi Arabia. The initiative aims to bring together key players from the financial sector to foster collaboration and support shared goals in building a secure commerce and payment ecosystem in the Kingdom. This is Mastercard's first initiative in the Middle East, extending the company's global network of cyber resilience centres, which includes locations in Europe and the United States, the company said. Riyad Bank has joined as the first partner and will collaborate with Mastercard on training programmes, risk evaluations, and the adoption of global cybersecurity standards. The centre marks a pivotal milestone in reinforcing the Kingdom's cybersecurity infrastructure, enabling stronger collaboration to protect its fast-evolving digital economy. With cyber threats becoming more sophisticated and persistent, the centre will provide a platform to equip organisations with the tools, expertise, and strategies needed to detect, prevent, and respond to risks in real-time. It will also serve as a catalyst for expanding local cybersecurity talent and fostering a culture of continuous learning and improvement. Adam Jones, EVP, Division President, West Arabia, Mastercard, said the launch of the Cyber Resilience Centre in Riyadh reflects the company's commitment to staying ahead of emerging risks and helping its partners do the same. 'We're proud to work with Riyad Bank to help advance a secure ecosystem in the Kingdom, and ensure that people, businesses, and institutions in Saudi Arabia are protected through world-class capabilities,' he said. Ibrahim A Al-Sulobi SVP, Head of Cyber & Information Security Dept at Riyad Bank, said the partnership will enable the bank to further strengthen its defense frameworks, accelerate the adoption of global best practices of global security, and fortify security in the Kingdom's financial sector.
