In a strategic move aimed at bolstering financial compliance standards across its operations, Qi, also known as the Global Smart Card Company, has entered into a significant partnership with K2 Integrity, a global firm specializing in compliance consulting and anti-financial crime solutions. This long-term collaboration marks a new chapter in enhancing the company’s internal control systems and strengthening the integrity of Iraq’s financial system as a whole.
The scope of work for the two entities will cover Qi’s operations in the UAE, Jordan, and Iraq. K2 Integrity will establish a substantial back-office operation for compliance in Jordan, which will be integrated with Qi’s existing compliance framework. Additionally, K2 Integrity will leverage Qi’s back-office in the UAE as a hub for innovation and the development of new products and services.
This agreement comes at a critical time as the Iraqi economy begins to recover following the 2003 war, alongside increased efforts for multilateral integration with international financial institutions, central banks, governments, and foreign investors. This contributes to reinforcing the country’s reputation in terms of compliance and transparency, representing a significant step forward in combatting money laundering and terrorism financing, ultimately aiming to build a benchmark model for compliance in Iraq.
Baha Abdul Hadi, Chairman of the Global Smart Card Company (ISC), which operates the Qi Card platform, stated: “This initiative is not just about supporting a single business segment; it pertains to the entirety of Iraq and its economic future. We believe in leading by example, as we have previously done, and we continue to invest robustly to ensure that our systems and all our employees’ and partners’ activities align with the highest global standards of financial integrity.” He added: “This partnership epitomizes Qi’s proactive stance in reinforcing the compliance foundation for electronic payment infrastructure, both for the company and for Iraq, in line with premium international compliance standards.”
The partnership will span 36 months and be divided into three phases, during which K2 Integrity will undertake the following strategic tasks:
Assess and update the existing Financial Crimes Compliance (FCC) framework at Qi. Train Qi employees at all levels, including frontline staff and executive leadership.
Assume operational responsibility for implementing compliance practices based on global standards.
Transform the program into a sustainable, high-efficiency model to be fully managed by Qi afterwards.
This initiative will have a broad national impact, as Qi represents the largest electronic payment platform in Iraq, servicing millions of customers while integrating its operations with the requirements of the central government, major banks, and global payment networks. The compliance infrastructure being developed in partnership with K2 Integrity will significantly influence not only the company but the entire financial system in the country, helping to reshape how banks, the fintech sector, and regulatory bodies handle risks, governance, and trust.
Chip Poncy, Global Head of Financial Integrity at K2 Integrity, remarked: “Qi is establishing the foundation for a new era in Iraq; through its commitment to global standards and transparency, it is not only building a more robust system but also solidifying its regional leadership role in financial compliance.”