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Transparency and outdated compliance infrastructure have been areas of concern, affecting the country’s reputation with international institutions and investors.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.

Featured image credit: Edited by Fintech News Middle East, based on image by nastyaaf via Freepik