Phoenix Finance Partners & AMWAL to boost electronic payments in Iraq

By Delisha Fernandes

Phoenix Finance Partners (PFP), a financial strategic advisory firm, and Amwal Electronic Payment Services (AMWAL), a prominent issuer, processor, and acquirer of Visa and MasterCard, have signed a strategic services agreement.

This agreement, sealed by Hussain Qaragholi, Managing Partner of PFP, and Ghaith Bayayda, CEO of AMWAL, marks the initiation of a robust strategic partnership in the burgeoning electronic payments sector of Iraq.

Hussain Qaragholi, managing partner at Phoenix stated, “The collaboration between Phoenix Finance and AMWAL will spearhead transformative initiatives, including Phoenix’s innovative 7K compliance enhancement program, digital onboarding, and cross-border transfer solutions. These initiatives are designed to leverage the collective strengths of both entities, fostering innovation and driving financial inclusion in Iraq”

Phoenix offers advisory services in banking and technology brings a wealth of experience in providing innovative solutions to enhance and upgrade compliance standards and enabling digital transformation to achieve economies of scale.

Ghaith Bayayda CEO of AMWAL said, “We are delighted with this partnership and look forward to a promising future. Our collaboration will establish new standards in the financial sector in Iraq, which will open up opportunities that will benefit financial institutions, merchants, and companies. We invite all stakeholders to explore the potential of this strategic partnership, and we promise sustainable growth and mutual benefit.”

AMWAL founded in 2008 offers a comprehensive range of services, including card issuance, hosting, payment processing, alternative payments, e-commerce and point-of-sale acquiring, ATM driving and management, and value-added services adhering to PCI Data Security Standards.

Phoenix Finance Partners and AMWAL are excited to embark on this transformative journey, reinforcing their commitment to excellence and innovation in Iraq’s dynamic finance landscape.