News Desk
DUBAI: The MENA Fintech Association (MFTA), the leading not-for-profit organization dedicated to fostering fintech innovation and collaboration across the Middle East and Africa, today announced the launch of its Iraq Chapter. Mr. Bahaa Abdul Hadi, a distinguished Iraqi-Canadian entrepreneur and fintech pioneer, has been appointed as the Chapter Chair, bringing his extensive expertise and vision to drive digital financial transformation in Iraq and foster international compliance in Iraq.
Bahaa Abdul Hadi will lead the association’s initiatives in Iraq, focusing on accelerating fintech adoption, fostering collaboration, and supporting the country’s evolving financial risk and compliance infrastructure.
A Vision for a Digital Iraq
Iraq’s financial sector is witnessing a wave of transformation, driven by digital banking initiatives, mobile payments, and fintech innovation, and fueled by economic reforms, increasing financial inclusion, and rapid digital adoption. The introduction of the Digital Payment Regulation No.2 of 2024, aiming to reduce cash dependency, increase transparency, and drive greater adoption of digital payment tools, marks a significant leap towards a cashless economy.
Backed by the Central Bank of Iraq (CBI), and United Nations Development Programme (UNDP), this regulation is designed to modernize Iraq’s financial infrastructure, enhance financial inclusion, and align with international best practices.
The total volume of digital transactions in Iraq surged from 2.6 trillion to 7.6 trillion Iraqi Dinars within a year, reflecting growing trust and adoption of digital finance.
The launch of the MFTA Iraq Chapter comes at a pivotal time when the nation is embracing financial technology as a key enabler of economic stability and growth. With fintech investments on the rise, supported by regulatory advancements and a growing digital economy, Iraq is poised to emerge as a leading fintech hub in the region.
Mr. Bahaa Abdul Hadi, a visionary leader and fintech advocate, has played a crucial role in shaping Iraq’s digital financial sector. As the co-founder of International Smart Card (ISC) in 2009, he introduced flagship Qi Card, a pioneering biometric payment solution that transformed Iraq’s financial landscape by offering secure and efficient digital transactions. Under his leadership, ISC has become a cornerstone of Iraq’s fintech ecosystem, serving both public and private sector partners while driving financial inclusion for millions of Iraqis.
“The future of Iraq is digital, and fintech is at the heart of this transformation. Through the MFTA Iraq Chapter, we are creating an ecosystem that fosters innovation, collaboration, and financial empowerment,” said Bahaa Abdul Hadi, Chair of MFTA Iraq. “By working closely with regulators, financial institutions, and technology innovators, we aim to drive the adoption of secure and efficient digital payment solutions that serve the needs of the Iraqi people and businesses.”
The Role of MFTA Iraq
With Iraq undergoing economic diversification and digital transformation, the MFTA Iraq Chapter will play a vital role in accelerating fintech collaboration through key initiatives:
• Promoting Innovation
• Strengthening Collaboration
• Enhancing Financial Literacy
• Supporting Regulatory Advancements
• Fintech for the Good
