World

A Closer Look at Qi Card’s Range of Financial Services

Published

1 month ago

August 5, 2024

Since starting in 2007, Qi Card has become a significant player in Iraq’s financial services. The Iraqi Electronic Payment Systems and Rafidain Bank founded Qi Card, which has changed how financial services operate in Iraq. It offers a variety of services that have impacted the financial industry.

Biometric ID Cards: Enhancing Security

Qi Card introduced biometric ID cards, setting a new standard for secure transactions in Iraq. These cards use fingerprint-based authentication, which helps prevent fraud and identity theft. Users can access their funds and complete transactions safely and efficiently.

Qi Card’s biometric ID cards have transformed financial inclusion in Iraq. As of 2024, Qi Card serves over twelve million clients, including government employees, pensioners, and private sector workers. Bahaa Abdul Hadi, the founder of Qi Card, said, “Our biometric technology has improved security and enhanced the user experience, making financial services accessible to more Iraqis.”

Comprehensive Mobile Application: Qi Services

Qi Card’s mobile application, Qi Services, is vital to its offerings. The app allows users to check balances, transfer money, and accept payments—all from their smartphones. This easy-to-use platform helps customers manage their finances effortlessly.

One standout feature of the Qi Services app is its integration with Western Union. This partnership makes it easy for users to send money internationally, which is essential for the Iraqi diaspora, as it allows them to send money home quickly and securely.

Salary Distribution and Loan Disbursement

Qi Card is crucial for distributing salaries to government and private sector employees. This service guarantees that employers pay wages on time and securely, reducing the administrative burden on employers and providing employees with a reliable way to receive their pay.

Since 2018, Qi Card has disbursed over $4 billion in loans to more than 800,000 citizens. These loans support small businesses and individuals, contributing to economic growth. The use of multi-biometric identification makes sure that these loan disbursements are secure and accessible.

Strategic Partnerships: Expanding Reach and Capabilities

Qi Card has formed strategic alliances to enhance its service offerings. Its partnership with Asiacell and Digital Zone aims to streamline digital transactions and promote financial inclusion in Iraq. These collaborations combine the strengths of each partner to offer more comprehensive services to users.

In a significant move, Qi Card launched the ‘superQi’ app in partnership with Alipay. This app integrates various financial services, including e-commerce capabilities, making it a one-stop solution for users. Bahaa Abdul Hadi noted, “The ‘superQi’ app marks a significant leap in providing comprehensive, advanced financial services to our users, setting a new standard in the region.”

Commitment to Financial Inclusion

A key goal of Qi Card is to enhance financial inclusion. It provides access to financial services to previously underserved populations, including displaced migrants. Qi Card is filling critical gaps in the financial system, making sure that more Iraqis can participate in the formal economy, and promoting broader economic growth.

Qi Card continues to innovate with products like travel card and credit facilities, which cater to the diverse needs of Iraq’s population and provide tailored solutions that enhance financial accessibility and convenience.

Future Prospects and Industry Impact

Iraq’s fintech sector is expected to grow significantly, with an estimated annual growth rate of 20% for 2024-2025. Qi Card is well-prepared to lead this growth with its strong technological foundation and strategic partnerships. The company’s innovative solutions and comprehensive services will likely attract more users.

While Qi Card has achieved considerable success, challenges remain. Regulatory changes and technological advancements, such as blockchain and AI, present both risks and opportunities. Qi Card’s ability to adapt and innovate will be crucial in navigating these changes and maintaining its leadership in the market.

Qi Card’s range of financial services highlights the company’s innovative spirit and dedication to enhancing financial inclusion in Iraq. Through advanced biometric technology, a comprehensive mobile application, strategic partnerships, and a focus on underserved populations, Qi Card is transforming the financial terrain in Iraq.

As the company continues to grow and evolve, its impact on Iraq’s economy and the global fintech industry will be significant.

World

Creating Better Hiring Practices: How KENTECH Can Improve New Employees

Published

16 hours ago

September 15, 2024

Rosario Farell

Although some may think background checks are only necessary for high-security jobs like government positions or teaching roles, most employers could benefit from the additional insights that a background check provides. In addition to providing information about an applicant’s criminal history, employers can use background checks to understand their abbreviated credit history or confirm information like employment, educational, and licensure history.

Why background checks are important

Unfortunately, while one would like always to assume the best, the truth is that not everyone is telling the truth. A study by SHRM found that 31% of people admitted to lying on resumes, while 56% admitted to “stretching the truth.”

This statistic makes it abundantly clear that business leaders must not feel comfortable simply trusting prospective employees’ applications at face value. It’s better to be safe than sorry, so a background check is used to confirm important information about an applicant and help make a better, more informed hiring decision.

At KENTECH, a leading background check technology provider, the team likes to say that they help their clients hire “not just the best person, but the right person.” After all, the cost of hiring and onboarding a new employee is extensive. Indeed reports that these costs can range from $4,000 to $20,000 per new employee.

If a hiring decision is made, only for that person to not perform well in the role and have to be let go shortly after, that’s a lot of money wasted. It’s better to make sure that you are making the right decision from the beginning.

KENTECH’s revolutionary background check technology

Some of KENTECH’s cutting-edge background check technology solutions include:

● Employment Verification Program (EVP): KENTECH’s Employment Verification Program is a web-based service designed to help streamline the background check process for employers. It gives employers one location through which they can manage the entire process from start to finish. Users can order background checks and verifications and easily manage documents — all from a single, convenient dashboard.

● Report Investigative Scoring Count (RISC): KENTECH’s RISC system helps organizations quickly interpret screening results at a glance. An organization can set up the criteria that matter most to them for screenings, and each background check will be labeled with a color code corresponding to the criteria set by the business. This provides employers with a visual cue for what applications may require closer scrutiny and helps identify which candidates may be most qualified.

● Rapid Application Center (RAC): KENTECH’s Rapid Application Center technology allows applicants to input their information and order background checks themselves. This saves hiring teams time with minimal burden to the applicant. An applicant signs onto a custom-built website and enters their information so administrative staff don’t have to. Administrators then receive email notifications when a candidate posts their information and when results are returned, allowing them to sign on at their convenience to view them.

● Unified Bulk Screening (UBS): For businesses that screen a high volume of candidates, KENTECH also offers a solution called Unified Bulk Screening (UBS). Once business leaders sign into their EVP account and import a list of candidates and their required information, they can see up-to-the-minute results in their portal or opt to receive a consolidated report that displays all results at once.

However, although the primary audience of these developments is the business and its leaders, there are also some significant benefits to the candidate experience. If a background check feels obstructive and frustrating to an applicant, they may form a negative first impression of the business or even give up. The KENTECH team designed their technology to be easy to use, often able to be integrated into the application and HR management system to make the process as seamless and intuitive as possible.

Although background checks might seem like an extreme step for the average employer, with the help of technology like that offered by KENTECH, it doesn’t have to be. KENTECH’s advanced background check technology helps streamline the process, allowing employers to get better insight into their prospective employees without significantly burdening themselves or their applicants. With this, background checks can become a standard, beneficial step in virtually every job application.