“Our story is not just about technology — it’s about national resilience,” said Ahmed Khadum, Chief Investment Officer at Qi Card, Iraq’s largest fintech company, on the concluding day of the Seamless Fintech Middle East Forum.
In his keynote titled “From Cash to Digital: How Iraq Built a Scalable Payment Ecosystem,” Khadum presened the company’s pivotal role in transitioning the nation from a cash-dependent society to a digitally connected economy, and their vision of launching the payment card platform, also known as the International Smart Card.
He shared insights on how Qi Card helped design and lead one of the Middle East’s most ambitious national fintech transformations.
Established in 2007 through a strategic public-private partnership between International Smart Card (ISC) and the Iraqi financial institutions, Qi Card has grown from a basic payment card into a wide-ranging financial services consortium.
“We built this system during some of Iraq’s most difficult years, yet managed to extend it to every province. That’s the model we’re sharing in Dubai to the global community of financial technology — how to enable modern financial services under pressure, with purpose, and at scale,” Khadum said.
Contributing to humanity at large
“Our vision extends beyond Iraq — it is about serving broader communities and contributing to humanity at large. I am personally committed to ensuring that both my efforts and our projects make a meaningful impact on people’s lives,” said Bahaa Abdul Hadi, the chairman and co-founder of the Qi Card.
“Our next phase of expansion is focused on the UAE, where we are actively engaging with both public and private sector stakeholders. We are preparing to launch a range of initiatives spanning fintech, insurtech, logistics, and payments, along with several programs aimed at giving back to society,” Bahaa added.
Today, Qi Card serves more than 12 million Iraqis, including government employees, pensioners, private sector workers, and social service communities. Its key services span salary disbursements, personal loans, digital banking tools and biometric security.
Nationwide reach
Qi Card operates a nationwide infrastructure of over 70,000 point-of-sale (POS) terminals and serves over 6,000 merchants. Since 2018, it has disbursed over $4 billion in loans to more than 800,000 citizens, supporting small businesses, healthcare needs, and household improvements. Emergency lending programmes, such as Salifni, ensure workers can access short-term funds even during public sector salary delays.
In 2024, Qi Card partnered with Ant International to launch the SuperQi app, combining digital banking and lifestyle services into a single platform. With features like scan-to-pay, peer transfers, bill payments, mobile recharge, and personal lending, SuperQi aims to serve 15 million users by 2026.
Regional relevance, global impact
Qi Card’s journey speaks directly to other economies working to reduce cash dependency. Strategic alliances — with Mastercard, Visa, Western Union, and Ant Group — have helped broaden its functionality, enable secure cross-border transactions, and deepen financial access in unbanked communities.
As Iraq rebuilds and modernises its economic infrastructure, Qi Card remains at the forefront, championing financial accessibility, digital innovation, and long-term resilience. With a growing user base and a scalable, exportable model, Qi Card is positioned to lead not just Iraq’s digital future, but also to inspire similar progress in frontier markets across the region and beyond.
Highlights
- Qi’s nationwide reach – serving 12 million Iraqis, 600 merchants, 70,000 POS terminals
- Qi’s regional relevance, global impact
- Deeply committed to ensuring both my efforts & projects make a meaningful impact on people’s lives – says Chairman Bahaa Abdul Hadi
4. Qi partnered with Ant International and launched SuperQi app - combining digital banking and lifestyle services
