Qi, K2 Integrity join forces to align Iraq's financial sector with global standards
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 The concerns over outdated compliance and transparency have challenged the country's reputation.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.
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