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A Closer Look at Qi Card’s Range of Financial Services

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Since starting in 2007, Qi Card has become a significant player in Iraq’s financial services. The Iraqi Electronic Payment Systems and Rafidain Bank founded Qi Card, which has changed how financial services operate in Iraq. It offers a variety of services that have impacted the financial industry.

Biometric ID Cards: Enhancing Security

Qi Card introduced biometric ID cards, setting a new standard for secure transactions in Iraq. These cards use fingerprint-based authentication, which helps prevent fraud and identity theft. Users can access their funds and complete transactions safely and efficiently. 

Qi Card’s biometric ID cards have transformed financial inclusion in Iraq. As of 2024, Qi Card serves over twelve million clients, including government employees, pensioners, and private sector workers. Bahaa Abdul Hadi, the founder of Qi Card, said, “Our biometric technology has improved security and enhanced the user experience, making financial services accessible to more Iraqis.”

Comprehensive Mobile Application: Qi Services

Qi Card’s mobile application, Qi Services, is vital to its offerings. The app allows users to check balances, transfer money, and accept payments—all from their smartphones. This easy-to-use platform helps customers manage their finances effortlessly.

One standout feature of the Qi Services app is its integration with Western Union. This partnership makes it easy for users to send money internationally, which is essential for the Iraqi diaspora, as it allows them to send money home quickly and securely.

Salary Distribution and Loan Disbursement

Qi Card is crucial for distributing salaries to government and private sector employees. This service guarantees that employers pay wages on time and securely, reducing the administrative burden on employers and providing employees with a reliable way to receive their pay.

Since 2018, Qi Card has disbursed over $4 billion in loans to more than 800,000 citizens. These loans support small businesses and individuals, contributing to economic growth. The use of multi-biometric identification makes sure that these loan disbursements are secure and accessible.

Strategic Partnerships: Expanding Reach and Capabilities

Qi Card has formed strategic alliances to enhance its service offerings. Its partnership with Asiacell and Digital Zone aims to streamline digital transactions and promote financial inclusion in Iraq. These collaborations combine the strengths of each partner to offer more comprehensive services to users.

In a significant move, Qi Card launched the ‘superQi’ app in partnership with Alipay. This app integrates various financial services, including e-commerce capabilities, making it a one-stop solution for users. Bahaa Abdul Hadi noted, “The ‘superQi’ app marks a significant leap in providing comprehensive, advanced financial services to our users, setting a new standard in the region.”

Commitment to Financial Inclusion

A key goal of Qi Card is to enhance financial inclusion. It provides access to financial services to previously underserved populations, including displaced migrants. Qi Card is filling critical gaps in the financial system, making sure that more Iraqis can participate in the formal economy, and promoting broader economic growth.

Qi Card continues to innovate with products like travel card and credit facilities, which cater to the diverse needs of Iraq’s population and provide tailored solutions that enhance financial accessibility and convenience.

Future Prospects and Industry Impact

Iraq’s fintech sector is expected to grow significantly, with an estimated annual growth rate of 20% for 2024-2025. Qi Card is well-prepared to lead this growth with its strong technological foundation and strategic partnerships. The company’s innovative solutions and comprehensive services will likely attract more users.

While Qi Card has achieved considerable success, challenges remain. Regulatory changes and technological advancements, such as blockchain and AI, present both risks and opportunities. Qi Card’s ability to adapt and innovate will be crucial in navigating these changes and maintaining its leadership in the market.

Qi Card’s range of financial services highlights the company’s innovative spirit and dedication to enhancing financial inclusion in Iraq. Through advanced biometric technology, a comprehensive mobile application, strategic partnerships, and a focus on underserved populations, Qi Card is transforming the financial terrain in Iraq.

As the company continues to grow and evolve, its impact on Iraq’s economy and the global fintech industry will be significant.

Rosario is from New York and has worked with leading companies like Microsoft as a copy-writer in the past. Now he spends his time writing for readers of BigtimeDaily.com

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World

Criminal probe focussed on Mehtas shipping business

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From Monitoring Desk

DUBAI: An Asian family linked with the shipping business is facing criminal investigation in several jurisdictions including in Dubai and Far East where the family’s companies are under active investigation now, according to the authorities in three countries.

Sanjay and Gaurav Mehta, through their companies Best Oasis Ltd in Dubai and Priya Blue Industries in Gujarat, are facing investigations over money-laundering suspicions and suspected links to the Russian oil sector, sanctioned by the western countries, sources shared.

Sanjay and Gaurav Mehta, through their companies Best Oasis Ltd in Dubai and Priya Blue Industries in Gujarat have projected an image of environmental responsibility in ship recycling. They have tout certifications, attend global summits, and positioned themselves as ESG-compliant but their business practices have come under intense probe now. Their operations reportedly involve dismantling high-risk ships, using cash transactions, and leveraging political connections to avoid accountability, a source shared looking into the companies’ affairs. The investigation is being conducted in Dubai and the Far East.

The investigators are looking at the Mehtas operations dating back to 2006 when they came to attention of the law enforcement for the first time. Priya Blue dismantled the “Blue Lady” in 2006, a vessel containing over 1,200 tons of asbestos and radioactive waste, despite protests and objections from Greenpeace. Later, the “Exxon Valdez,” notorious for a major oil spill, was renamed “Oriental Nicety” and dismantled by the Mehtas in Gujarat, drawing international attention. In recent years, their transactions have become less conspicuous but reportedly more hazardous.

In 2025, Best Oasis allegedly acquired and dismantled at least four vessels linked to sanctioned entities, including Iranian and Houthi-controlled networks. These weren’t obscure ships; they were designated under U.S. terrorism sanctions for their involvement in oil smuggling and arms transport. According to investigators, here are the details of the sanctioned ships dismantled by Best Oasis in 2025: IMO: 9155808, Name: NOLAN (SOLAN), Sanction: SDN (SDGT), Beaching: 31 Jan 2025, Plot 16; IMO: 9221657, Name: BLUEFINS, Sanction: SDN (SDGT); Beaching: 26 Feb 2025, Plot 16; IMO: 9105085, Name: CONTRACT II, Sanction: SDN risk, Beaching: Arrived mid-2025, Plot 27; IMO: 9209300, Name: GAMA II, Sanction: SDN (SDGT); and Beaching: Pending/Planned, Plot 34

All four vessels were reportedly dismantled in Alang on plots leased by proxy firms connected to the Mehtas. These short-term leases, approved on a ship-by-ship basis by the Gujarat Maritime Board, reportedly make regulatory oversight nearly impossible. Once dismantling is complete, plot registrations often lapse, leaving no long-term record, according to documents shared by the investigators in Dubai.

Rahul Mistry, a shipping compliance researcher, noted this as a growing pattern: “This is a pattern we’ve seen more frequently in the last two years   sanctioned hulls arriving under the radar, processed fast, with no digital trace.”

Payments for these vessels reportedly bypassed normal financial channels. According to sources familiar with the deals, transactions were settled in cash, either on-site or through offshore handlers. One source described entire ship values being paid in foreign currency bundles, avoiding Indian and Dubai banking disclosures, said one of the investigators familiar with the matter.

A retired port official Mr. Akin Yadav, familiar with Alang  and Gujarat Maritime Board approvals stated that short-term leases are routinely used to avoid scrutiny, adding, “It was never meant to be a permanent workaround. But it’s become one.”

Political connections also reportedly play a role. Union Minister Mansukh Mandaviya and Gujarat State Minister Jitu Vaghani have been linked to approvals granted for Best Oasis and its proxies. While there’s no direct evidence of personal gain, sources allege that both men used their influence to expedite approvals, slow down inquiries, and shield the companies from enforcement.

Despite these activities in India, Best Oasis is expanding under new branding. A recent joint venture in Japan with Hiroshi Abe is being marketed as a clean, regionally responsible recycling partner for Japanese shipowners.

Mariko Fujita, a Tokyo-based maritime consultant, observed, “They’re presenting themselves as a new entity with no reference to past controversies. But none of the underlying ownership or structure has changed.”

In Alang, the situation reportedly remains much the same. Plot numbers are reassigned, cash continues to circulate and the same network of breakers and handlers is reportedly involved. Individuals like Jayant Vanani (also known as Budhabhai Patel) and Ramesh Mendapara are frequently named in connection with specific beachings, including “Contract II” and “GAMA II.” Both have been previously linked to other shadow transactions involving distressed or sanctioned tonnage.

Several yards allegedly connected to Best Oasis, including Shantamani Ship Breakers and Sai Baba Ship Breakers, reportedly operate with minimal inspection, despite numerous reports of irregularities in worker safety, hazardous waste disposal, and compliance with Indian scrapping codes.

This system, according to multiple sources, appears to be intentionally designed to operate in plain sight with just enough paperwork to pass basic scrutiny but not enough to trigger meaningful enforcement. There is no indication that regulatory bodies including customs, port health officers, or environmental oversight panels have conducted full inspections of any of the sanctioned vessels listed. Most were reportedly cleared and dismantled within days of arrival.

Rahul Mistry said: “This isn’t merely a loophole; it’s reportedly a business model. Best Oasis and Priya Blue are allegedly running a high-volume, low-visibility operation that filters sanctioned, end-of-life ships through legal instruments to appear legitimate on paper. This reportedly involves routing untaxed funds and shielded actors through a well-connected political and industrial network. As global scrutiny of ESG practices intensifies, many of these activities are allegedly being whitewashed through new partnerships and branding, but the underlying mechanisms reportedly remain unchanged.”

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