Phoenix Finance, AMWAL announce strategic service in Iraq

Baghdad (IraqiNews.com) – Phoenix Finance Partners (PFP), an established financial strategic advisory service firm, and Amwal Electronic Payment Services (AMWAL), a Visa and MasterCard issuer, processor, and acquirer, have signed a strategic services deal.

This agreement, signed by Hussain Qaragholi, Managing Partner of PFP, and Ghaith Bayayda, CEO of AMWAL, marks the start of a strategic cooperation in Iraq’s thriving electronic payments market.

Phoenix, according to Qaragholi, is proficient at offering innovative approaches that improve and update compliance standards while also facilitating digital transformation to realize economies of scale.

“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,” said Qaragholi. “These initiatives are designed to leverage the collective strengths of both entities, fostering innovation and driving financial inclusion in Iraq.”

Founded in the Karrada district of Baghdad in 2008, AMWAL is a dynamic player in the secure electronic payment markets providing a wide range of offerings such as ATM driving and management, value-added services that comply with PCI Data Security Standards, card issuance, hosting, payment processing, alternative payments, e-commerce and point-of-sale acquiring, and more.

“We are delighted with this partnership and look forward to a promising future,” said Ghaith Bayayda CEO of AMWAL. “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.”