Phoenix Finance Partners (PFP), a leading financial strategic advisory firm, and Amwal Electronic Payment Services (AMWAL), a prominent issuer, processor, and acquirer of Visa and MasterCard, proudly announce the signing of a strategic services agreement. This landmark 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.

Phoenix known for its bespoke 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.

AMWAL founded in 2008 is a dynamic player in secure payment solutions, offering 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.

Hussain Qaragholi, managing partner at Phoenix stated that “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”

Ghaith Bayayda CEO of AMWAL added "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."

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.

-Ends-