Ant International and Qi Card Launch SuperQi: A Step Towards Financial Inclusion in Iraq

Ant International partnered with Qi Card to launch SuperQi, a digital banking platform in Iraq that integrates Western banking models with Asian super app functionalities. Aiming to boost financial inclusion from 5% to nearly 50%, the app offers various services such as payments and loans. Qi Card plans to expand its user base significantly, leveraging Ant’s technology to access numerous merchants and cash-out agents.

Ant International has collaborated with Iraqi fintech firm Qi Card to introduce SuperQi, a digital banking platform aimed at facilitating a cashless economy in Iraq. This innovative platform, available in Arabic, English, and Kurdish, incorporates a blend of Western banking and Asian super app features, including payment functionalities, money transfers, and loan services. The initiative is particularly designed to cater to Iraq’s largely unbanked population, potentially increasing financial inclusion from 5% to nearly 50%. Qi Card, which already has 11 million cardholders, aspires to expand its user base to 15 million by 2027, leveraging Ant International’s technology to connect users with a vast array of merchants and cash-out agents.

The digital banking landscape in Iraq is evolving, and the introduction of SuperQi represents a significant step towards enhancing financial accessibility and inclusion. Given the challenges faced by the unbanked population in Iraq, innovative solutions like SuperQi are essential to modernizing the financial infrastructure and encouraging the transition to a cashless society. The collaboration between Ant International and Qi Card highlights the growing trend of digital banking solutions in regions where traditional banking services are limited.

The launch of SuperQi by Ant International and Qi Card marks a pivotal development in Iraq’s digital banking sector, addressing the financial needs of a significant portion of the unbanked population. By combining cutting-edge technology with a user-friendly interface, the platform aims to foster financial inclusion and boost the adoption of digital banking practices in the region. This alignment with international fintech innovations is crucial for Iraq’s economic progress and financial independence.

Original Source: www.techinasia.com