June 19, 2025
Dubai, United Arab Emirates – In a groundbreaking move to enhance financial compliance across the region, Qi—also known as International Smart Card—has announced a strategic partnership with global compliance and risk management firm K2 Integrity.
Under this long-term alliance, Qi’s operations will be divided across three markets: the UAE, Jordan, and Iraq. A major highlight includes the establishment of a robust compliance and operations back office in Jordan, fully integrated into Qi’s broader ecosystem. Meanwhile, Qi’s UAE office will serve as an innovation incubator and testing ground for new products and services.
This partnership signifies a pivotal step in Qi’s journey to not only fortify its internal controls but also help create a model of financial integrity that could influence Iraq’s entire financial system.
A Transformative Collaboration Amid Economic Recovery
The agreement comes at a time when Iraq is rebuilding its economy and strengthening ties with international financial institutions, central banks, and global investors. Amid concerns over outdated compliance frameworks and transparency issues, Qi’s collaboration with K2 Integrity is a bold response, aimed at reshaping perceptions and raising the bar for anti-money laundering (AML) and counter-terrorist financing (CFT) standards in the region.
“This initiative isn’t just about our business,” said Bahaa Abdul Hadi, Chairman of International Smart Card. “It’s about Iraq’s future. We’re committed to setting an example, investing in systems, people, and partnerships that align with the highest global standards of financial integrity.”
A National Roadmap for Compliance Excellence
The Qi–K2 Integrity partnership will unfold over 36 months, structured into three strategic phases. Key components include:
- A full-scale assessment and overhaul of Qi’s current financial crime compliance (FCC) framework
- End-to-end training for staff, from frontliners to executive leadership
- Implementation of internationally benchmarked compliance practices
- Transition to a self-sustained, best-in-class compliance model operated by Qi
Given Qi’s role as Iraq’s largest electronic payment platform—with over 10 million customers and deep integration with banks and government entities—this initiative is expected to have far-reaching national implications. It sets a new benchmark for how banks, fintechs, and regulators in Iraq may approach compliance, risk management, and trust-building.
Global Expertise Meets Local Reform
New York-based K2 Integrity brings unparalleled global experience to the partnership. With a team that includes former senior officials from the U.S. Treasury and deep experience with Fortune 500 institutions, K2 Integrity’s involvement signals strong confidence in Iraq’s path toward financial modernization.
“Qi is setting the tone for a new era in Iraq,” said Chip Poncy, Global Head of Financial Integrity at K2 Integrity. “Their commitment to transparency and global standards positions them—and Iraq—for regional leadership in compliance.”
Rebuilding Trust and Financial Infrastructure
This partnership marks a transformative chapter in Iraq’s financial journey. Beyond improving institutional compliance, it lays the groundwork for Iraq to restore its credibility on the global stage, attract foreign investment, and enable secure, scalable cross-border transactions—especially crucial for trade, remittances, and financial inclusion.
About Qi (International Smart Card):
Qi is Iraq’s premier digital payment platform, serving more than 10 million users with a wide range of services including mobile wallets, cards, merchant solutions, and government-linked financial tools. It is at the forefront of Iraq’s digital financial revolution. Learn more at www.qi.iq
About K2 Integrity:
K2 Integrity is a globally recognized firm in risk, compliance, and investigations. With a legacy of shaping international standards and tackling complex regulatory challenges, it supports institutions worldwide in achieving trusted, resilient financial operations. Visit www.k2integrity.com
