{"id":471570,"date":"2025-10-03T17:03:27","date_gmt":"2025-10-03T17:03:27","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/471570\/"},"modified":"2025-10-03T17:03:27","modified_gmt":"2025-10-03T17:03:27","slug":"iraqs-cashless-push-gaining-pace-but-much-more-needs-to-be-done-fintech-boss-says","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/471570\/","title":{"rendered":"Iraq\u2019s cashless push gaining pace but much more needs to be done, FinTech boss says"},"content":{"rendered":"

Iraq’s<\/a> shift from a cash-heavy economy to a digital one is gaining momentum, but policy implementation will play a crucial role, the chairman of the country\u2019s largest FinTech company has said. <\/p>\n

The Central Bank of Iraq has announced that all government payments will move to electronic channels by July 2026, part of a broader plan that includes a national instant-payment platform and potentially even a digital dinar.<\/p>\n

\u201cThe ambitions are always there, but the real need is to focus on a well-crafted and a world-class plan and the execution of it,\u201d Bahaa Abdul Hadi, chairman and co-founder of International Smart Card, which owns the Qi Card, told The National. <\/p>\n

Since early 2023, the Iraqi government has introduced financial and economic reforms<\/a>, including the use of electronic payment systems by the government and private sectors. These also include regulations requiring electronic payment providers to tighten anti-money-laundering and cybersecurity rules.<\/p>\n

The Central Bank of Iraq\u2019s cashless mandate, point-of-sale incentives, e-Know Your Customer regulations, as well as other key components of this mandate \u201care all in place\u201d, he said. <\/p>\n

\u201cWhat matters now is astute follow-through at the ministry level so that the Iraqi people actually reap the fruits of the mandate.\u201d<\/p>\n

Many Iraqis tap cards and phones instead of pulling wads of dinars from their pockets, a sign of changing payment habits. However, digital literacy remains the biggest challenge, Mr Abdul Hadi said. <\/p>\n

\u201cTeaching the Iraqi society why a tap or QR code scan is safer than a bundle of banknotes requires patient, empathetic education for millions of unbanked people.\u201d<\/p>\n

He says better incentives are needed to encourage more Iraqis to trust and adopt digital payment. <\/p>\n

\u201cI believe that when people experience real protection, they naturally switch from the banknotes to the digital payment,\u201d he added.<\/p>\n

From the government side, Mr Abdul Hadi said, the hardest challenge is managing timelines. \u201cRegulators are juggling multiple reforms simultaneously, which often causes delays and sets us back to square one.\u201d<\/p>\n

Still, he is \u201cextremely\u201d optimistic about the future. <\/p>\n

\u201cWithin the next five years, you will see a tipping point where digital solutions bridge the cash gap in urban Iraq. However, the rural areas may take about 10 years, but the direction is there and irreversible,\u201d he said.<\/p>\n

Cash could fall below 50 per cent of urban retail spending by 2030 \u201cif the current momentum continues\u201d. The tipping point will be universal QR payment acceptance and real-time open banking, both of which are in the pilot phase. <\/p>\n

\u201cA fully digital ecosystem in Iraq is therefore not a distant goal; it\u2019s the trajectory we are actively pursuing,\u201d Mr Abdul Hadi added.<\/p>\n

From payrolls to fintech<\/b><\/p>\n

Launched in 2007 by International Smart Card, the Qi Card began as a service to pay public-sector salaries and pensions electronically. <\/p>\n

Today it claims to have more than 11 million users and a network of 23,000 point-of-sale terminals reaching every Iraqi governorate, including remote villages.<\/p>\n

The company\u2019s services have expanded beyond salary disbursement to retail and bill payments, remittances, buy-now-pay-later (BNPL), micro-savings and a smartphone app that accounts for the majority of transactions. <\/p>\n

\u201cJust five years ago, most Iraqis got to know us at a card terminal,\u201d Mr Abdul Hadi said. \u201cToday, six out of 10 Qi payments start from a personal smartphone wallet or with a QR tap.\u201d <\/p>\n

Qi Card is now exploring expansion in regional markets, including the UAE and Jordan. Its payment gateway application is in the final stages of approval by the Central Bank of the UAE. In Jordan, it has established a back office in Amman, which focuses on risk and compliance standards.<\/p>\n

\u201cOur top priority is serving the Iraqi diaspora in the GCC and Europe,\u201d he said. \u201cBeyond that, we see strong synergies in Jordan and Oman. The Levant is also on our radar, where we are exploring select markets where cash is still king \u2013 subject to the local regulatory approvals,\u201d he added.<\/p>\n

Misuse allegations <\/b><\/p>\n

For the government and the central bank, the stakes are high<\/a>. Moving millions of Iraqis from cash to cards and mobile wallets could curb corruption, widen financial inclusion and stabilise the dinar. Yet the same systems could also be exploited if controls fail.<\/p>\n

Whenever our system detects a red flag, we immediately off-board the suspicious account<\/p>\n

Bahaa Abdul Hadi,
chairman and co-founder of International Smart Card, which owns Qi Card<\/p>\n

In May, The Wall Street Journal alleged that Qi\u2019s cards were exploited in dollar arbitrage schemes benefiting Iran-backed groups, allowing local salaries to be converted into hard currency overseas to help Iran circumvent US sanctions. <\/p>\n

The WSJ alleged that cross-border card transactions by the Popular Mobilisation Forces, an umbrella paramilitary movement, surged from $50 million to $1.5 billion monthly between early 2023 and April 2023, generating an estimated $450 million in profits in 2023 alone. <\/p>\n

Some commanders seized subordinates’ payment cards, or created fake identities to obtain additional payouts, it added.<\/p>\n

Mr Abdul Hadi firmly rejected the claims, saying Qi maintains \u201czero tolerance\u201d for any illicit use. <\/p>\n

\u201cWhenever our system detects a red flag, we immediately off-board the suspicious account,\u201d he said, adding that more than 3,000 accounts have been blocked. He did not elaborate. <\/p>\n

\u201cWhere third parties have attempted to exploit the broader card ecosystem for arbitrage, we have actively collaborated with the Central Bank of Iraq, Visa and Mastercard \u2013 taking measures such as freezing accounts, capping cross-border volumes, and blocking thousands of suspicious cards,\u201d he added.<\/p>\n

The company uses biometric authentication, geofencing and real-time monitoring to detect abuse, he said. In June, it also signed a three-year partnership with US consultancy K2 Integrity to strengthen oversight.<\/p>\n

None of the US agencies have contacted Qi Card to date over these allegations, Mr Abdul Hadi said.<\/p>\n

\u201cWe have not received any warning or any enforcement notice,\u201d he said. The company is \u201cfully committed to co-operating with both US authorities and Iraqi regulators, should they request information through lawful channels\u201d.<\/p>\n

However, Qi Card has stopped disbursing salaries for the Popular Mobilisation Forces. \u201cThis decision was made in consultation with our risk and compliance advisers to ensure full alignment with international regulations and to stay away from the US pressure.\u201d<\/p>\n

The US has long warned that the PMF is strengthening Iran\u2019s influence and undermining Iraq\u2019s sovereignty. America has blacklisted several of the group’s senior leaders, including its chairman Falih Al Fayyadh.<\/p>\n

Under pressure from the US and other foreign powers, the Iraqi government also withdrew a contentious draft law for the PMF<\/a> in August, which aimed to widen its powers and elevate its status to be on a par with the rest of the Iraqi military.<\/p>\n

SPEC\u00a0SHEET<\/p>\n

Display:<\/strong>\u00a06.8″\u00a0edge\u00a0quad-HD \u00a0dynamic\u00a0Amoled\u00a02X,\u00a0Infinity-O,\u00a03088\u00a0x\u00a01440,\u00a0500ppi,\u00a0HDR10 ,\u00a0120Hz<\/p>\n

Processor:<\/strong>\u00a04nm\u00a0Snapdragon\u00a08\u00a0Gen\u00a01\/Exynos\u00a02200,\u00a08-core<\/p>\n

Memory:<\/strong>\u00a08\/12GB\u00a0RAM<\/p>\n

Storage:<\/strong>\u00a0128\/256\/512GB\/1TB<\/p>\n

Platform:<\/strong>\u00a0Android\u00a012<\/p>\n

Main\u00a0camera:<\/strong>\u00a0quad\u00a012MP\u00a0ultra-wide\u00a0f\/2.2,\u00a0108MP\u00a0wide\u00a0f\/1.8,\u00a010MP\u00a0telephoto\u00a0f\/4.9,\u00a010MP\u00a0telephoto\u00a02.4;\u00a0Space\u00a0Zoom\u00a0up\u00a0to\u00a0100x,\u00a0auto\u00a0HDR,\u00a0expert\u00a0RAW<\/p>\n

Video:<\/strong>\u00a08K@24fps,\u00a04K@60fps,\u00a0full-HD@60fps,\u00a0HD@30fps,\u00a0super\u00a0slo-mo@960fps<\/p>\n

Front\u00a0camera:<\/strong>\u00a040MP\u00a0f\/2.2<\/p>\n

Battery:<\/strong>\u00a05000mAh,\u00a0fast\u00a0wireless\u00a0charging\u00a02.0\u00a0Wireless\u00a0PowerShare<\/p>\n

Connectivity:<\/strong>\u00a05G,\u00a0Wi-Fi,\u00a0Bluetooth\u00a05.2,\u00a0NFC<\/p>\n

I\/O:<\/strong>\u00a0USB-C<\/p>\n

SIM:<\/strong>\u00a0single\u00a0nano,\u00a0or\u00a0nano\u00a0and\u00a0SIM,\u00a0nano\u00a0and\u00a0nano,\u00a0eSIM\/nano\u00a0and\u00a0nano<\/p>\n

Colours:<\/strong>\u00a0burgundy,\u00a0green,\u00a0phantom\u00a0black,\u00a0phantom\u00a0white,\u00a0graphite,\u00a0sky\u00a0blue,\u00a0red<\/p>\n

Price:<\/strong>\u00a0Dh4,699\u00a0for\u00a0128GB,\u00a0Dh5,099\u00a0for\u00a0256GB,\u00a0Dh5,499\u00a0for\u00a0512GB;\u00a01TB\u00a0unavailable\u00a0in\u00a0the\u00a0UAE<\/p>\n

SERIES INFO<\/p>\n

Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series<\/p>\n

All matches at the Zayed Cricket Stadium, Abu Dhabi<\/p>\n

Test series<\/strong><\/p>\n

1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March \u2013 Sunday, 14 March<\/p>\n

Play starts at 9.30am<\/p>\n

T20 series<\/strong><\/p>\n

1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March<\/p>\n

TV<\/strong>
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube<\/p>\n

‘HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET’<\/p>\n

%3Cp%3E%3Cstrong%3EEdited%20by%3A%3C%2Fstrong%3E%20Idries%20Trevathan%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Hirmer%20Publishers%3Cbr%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A<\/p>\n

MATCH INFO<\/p>\n

Juventus 1\u00a0<\/strong>(Dybala 45′)<\/p>\n

Lazio 3\u00a0<\/strong>(Alberto 16′, Lulic\u00a073′, Cataldi 90 4′)<\/p>\n

Red card:<\/strong>\u00a0Rodrigo Bentancur (Juventus)<\/p>\n

The specs: 2018 Mercedes-AMG C63 S Cabriolet<\/p>\n

Price, base: Dh429,090<\/p>\n

Engine 4.0-litre twin-turbo V8<\/p>\n

Transmission Seven-speed automatic<\/p>\n

Power 510hp\u00a0@\u00a05,500rpm<\/p>\n

Torque 700Nm\u00a0@\u00a01,750rpm<\/p>\n

Fuel economy, combined 9.2L \/ 100km<\/p>\n

KILLING OF QASSEM SULEIMANI<\/p>\n

Company Profile<\/strong><\/p>\n

Company name: Yeepeey<\/p>\n

Started: Soft launch in November, 2020<\/p>\n

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani<\/p>\n

Based: Dubai<\/p>\n

Industry: E-grocery<\/p>\n

Initial investment: $150,000<\/p>\n

Future plan: Raise $1.5m and enter Saudi Arabia next year<\/p>\n

The%20specs<\/p>\n

%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.0-litre%20twin-turbo%20V8%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E680hp%20at%206%2C000rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E800Nm%20at%202%2C750-6%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ERear-mounted%20eight-speed%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E13.6L%2F100km%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Orderbook%20open%3B%20deliveries%20start%20end%20of%20year%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh970%2C000%3C%2Fp%3E%0A<\/p>\n

The%20specs<\/p>\n

%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20synchronous%20electric%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E660hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E1%2C100Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle-speed%20automatic%0D%3Cbr%3E%3Cstrong%3ETouring%20range%3A%20%3C%2Fstrong%3E488km-560km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh850%2C000%20(estimate)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EOctober%3C%2Fp%3E%0A<\/p>\n

Tewellah by Nawal Zoghbi is out now.<\/p>\n

Coal Black Mornings<\/p>\n

Brett Anderson<\/p>\n

Little Brown Book Group\u00a0<\/p>\n

Company profile<\/p>\n

Name: <\/strong>Tratok Portal<\/p>\n

Founded: <\/strong>2017<\/p>\n

Based: <\/strong>UAE<\/p>\n

Sector: <\/strong>Travel & tourism<\/p>\n

Size: <\/strong>36 employees<\/p>\n

Funding: <\/strong>Privately funded<\/p>\n

The Voice of Hind Rajab<\/p>\n

Starring:<\/strong> Saja Kilani, Clara Khoury, Motaz Malhees<\/p>\n

Director: <\/strong>Kaouther Ben Hania<\/p>\n

Rating:<\/strong> 4\/5<\/p>\n

What are the influencer academy modules?<\/p>\n

    \n
  1. Mastery of audio-visual content creation.\u00a0<\/li>\n
  2. Cinematography, shots and movement.<\/li>\n
  3. All aspects of post-production.<\/li>\n
  4. Emerging technologies and VFX with AI and CGI.<\/li>\n
  5. Understanding of marketing objectives and audience engagement.<\/li>\n
  6. Tourism industry knowledge.<\/li>\n
  7. Professional ethics.<\/li>\n<\/ol>\n

    ‘Top\u00a0Gun:\u00a0Maverick’<\/p>\n

    Rating:<\/strong>\u00a04\/5<\/p>\n

    \u00a0<\/p>\n

    Directed\u00a0by:<\/strong>\u00a0Joseph\u00a0Kosinski<\/p>\n

    \u00a0<\/p>\n

    Starring:<\/strong>\u00a0Tom\u00a0Cruise,\u00a0Val\u00a0Kilmer,\u00a0Jennifer\u00a0Connelly,\u00a0Jon\u00a0Hamm,\u00a0Miles\u00a0Teller,\u00a0Glen\u00a0Powell,\u00a0Ed\u00a0Harris<\/p>\n

    \u00a0Where to donate in the UAE<\/p>\n

    The Emirates Charity Portal <\/a><\/p>\n

    You can donate to several registered charities through a \u201cdonation catalogue\u201d. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.<\/p>\n

    The General Authority of Islamic Affairs & Endowments<\/a><\/p>\n

    The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.<\/p>\n

    Al Noor Special Needs Centre<\/a><\/p>\n

    You can donate online or order Smiles n\u2019 Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.<\/p>\n

    Beit Al Khair Society<\/a><\/p>\n

    Beit Al Khair Society has the motto \u201cFrom \u2013 and to \u2013 the UAE,\u201d with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.<\/p>\n

    Dar Al Ber Society<\/a><\/p>\n

    Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.<\/p>\n

    Dubai Cares<\/a><\/p>\n

    Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030<\/a>, which allows people to help change the future of six underprivileged children and young people.<\/p>\n

    Emirates Airline Foundation<\/a><\/p>\n

    Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.<\/p>\n

    Emirates Red Crescent<\/a><\/p>\n

    On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.<\/p>\n

    Gulf for Good<\/a><\/p>\n

    Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year\u2019s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children’s Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children\u2019s charities.<\/p>\n

    Noor Dubai Foundation<\/a><\/p>\n

    Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word \u201cNoor\u201d to 4565 (Etisalat) or 4849 (du).<\/p>\n

    SHAITTAN<\/p>\n

    %3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EVikas%20Bahl%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAjay%20Devgn%2C%20R.%20Madhavan%2C%20Jyothika%2C%20Janaki%20Bodiwala%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A<\/p>\n

    Infiniti QX80 specs<\/p>\n

    Engine:<\/strong> twin-turbocharged 3.5-liter V6<\/p>\n

    Power: <\/strong>450hp<\/p>\n

    Torque: <\/strong>700Nm<\/p>\n

    Price: <\/strong>From Dh450,000, Autograph model from Dh510,000<\/p>\n

    Available: <\/strong>Now<\/p>\n

    Killing of Qassem SuleimaniSpecs<\/p>\n

    Engine:\u00a0<\/strong>Duel electric motors
    Power:\u00a0<\/strong>659hp
    Torque:\u00a0<\/strong>1075Nm
    On sale:<\/strong>\u00a0Available for pre-order now
    Price:<\/strong> On request<\/p>\n

    KILLING OF QASSEM SULEIMANIThe specs: 2019 GMC Yukon Denali<\/p>\n

    Price, base: Dh306,500
    Engine: 6.2-litre V8
    Transmission: 10-speed automatic
    Power: 420hp @ 5,600rpm
    Torque: 621Nm @ 4,100rpm\u200b\u200b\u200b\u200b\u200b\u200b\u200b
    \u200b\u200b\u200b\u200b\u200b\u200b\u200bFuel economy, combined: 12.9L \/ 100km<\/p>\n

    Global state-owned investor ranking by size<\/p>\n\n\n

    1.<\/p>\n<\/td>\n\n

    United States<\/p>\n<\/td>\n<\/tr>\n\n\n

    2.<\/p>\n<\/td>\n\n

    China<\/p>\n<\/td>\n<\/tr>\n\n\n

    3.<\/p>\n<\/td>\n\n

    UAE<\/p>\n<\/td>\n<\/tr>\n\n\n

    4.<\/p>\n<\/td>\n\n

    Japan<\/p>\n<\/td>\n<\/tr>\n\n\n

    5<\/p>\n<\/td>\n\n

    Norway<\/p>\n<\/td>\n<\/tr>\n\n\n

    6.<\/p>\n<\/td>\n\n

    Canada<\/p>\n<\/td>\n<\/tr>\n\n\n

    7.<\/p>\n<\/td>\n\n

    Singapore<\/p>\n<\/td>\n<\/tr>\n\n\n

    8.<\/p>\n<\/td>\n\n

    Australia<\/p>\n<\/td>\n<\/tr>\n\n\n

    9.<\/p>\n<\/td>\n\n

    Saudi Arabia<\/p>\n<\/td>\n<\/tr>\n\n\n

    10.<\/p>\n<\/td>\n\n

    South Korea<\/p>\n<\/td>\n<\/tr>\n

    More from Neighbourhood Watch:<\/p>\n

    Director:<\/strong> Laxman Utekar<\/p>\n

    Cast:<\/strong> Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna<\/p>\n

    Rating: <\/strong>1\/5<\/p>\n

    Ain Issa camp:<\/p>\n