Dubai, United Arab Emirates – The Middle East and North Africa FinTech Association ( MFTA ), a leading non-profit organization dedicated to supporting innovation and fostering collaboration in the region’s fintech sector, announced the launch of its chapter in Iraq. The association has selected prominent Iraqi-Canadian entrepreneur Bahaa Abdulhadi to lead the new chapter, leveraging his extensive experience and strategic vision to drive the digital transformation of Iraq’s financial sector and enhance its compliance with international standards.

Abdulhadi, a veteran of digital payments and financial inclusion, will oversee the association's initiatives in Iraq, focusing on accelerating the adoption of fintech solutions, deepening partnerships, and developing a robust infrastructure for risk management and financial compliance in the country.

An ambitious vision for a digital Iraq

Iraq's financial sector is witnessing a rapid transformation driven by digital banking, mobile payments, and technological innovations, supported by economic reforms and the expansion of financial inclusion. The issuance of Digital Payment Regulation No. ( 2 ) of 2024 represents a pivotal step toward building a cashless economy that reduces reliance on liquidity, enhances transparency, and encourages the use of digital payment tools.

With the support of the Central Bank of Iraq and the United Nations Development Programme, this regulation aims to modernize the financial infrastructure and align it with global best practices. The total value of digital transactions in Iraq increased from 2.6 to 7.6 trillion Iraqi dinars in one year, reflecting growing confidence in digital financial solutions.

Proven leadership experience

Since 2009, Bahaa Abdulhadi, as one of the founders of the International Smart Card Company ( ISC ), has contributed to the launch of the pioneering Qi biometric card, which has radically transformed the payments landscape in Iraq, providing secure and efficient transactions for millions of users. With this rich experience, Abdulhadi is a valuable addition to the MFTA's journey in Iraq.

Bahaa Abdul Hadi - Chairman of MFTA Iraq:
"Iraq's digital future is brightening, and financial technology is at the heart of this transformation. Through MFTA Iraq, we will work to build an ecosystem that embraces innovation, collaboration, and financial empowerment, in close partnership with regulators, financial institutions, and technology leaders."

The role of MFTA Iraq

As the Iraqi economy diversifies and digitization accelerates, the association's branch will focus on five key priorities:

Encouraging innovation in fintech solutions.

Strengthening cooperation between the public and private sectors.

Raising financial literacy among individuals and companies.

Support regulatory developments to ensure an investment-friendly environment.

Harnessing financial technology to serve society and empower broader segments.

The association has more than 22,000 members from the UAE, Bahrain, Saudi Arabia, Oman, Qatar, Egypt, Morocco, and Côte d'Ivoire. Through its branches in Bahrain, Saudi Arabia, Qatar, and Africa, the MFTA plays a pivotal role in formulating digital banking policies and developing markets.

In the coming weeks, the Iraq branch will announce its 2025 roadmap, which includes strategic initiatives to modernize regulatory frameworks, develop digital banking infrastructure, and support innovation to serve the community.

Namir Khan, Chairman of the MFTA Board of Directors: "The launch of the Iraq branch is not just a geographic expansion; it is a step towards establishing Iraq as a key player in the regional fintech landscape. Under Bahaa Abdulhadi's leadership, we expect to enhance regulatory dialogue, encourage partnerships, and increase fintech's contribution to building a resilient and inclusive Iraqi digital economy."

By focusing on digital innovation, compliance, and financial inclusion, MFTA Iraq aims to contribute to driving economic growth and establishing the country as a rising force in the region's fintech sector.

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