Digital transformation ‘no longer optional’, says Hanandeh at FinTech conference

AMMAN — Digital transformation, innovation and creativity are no longer optional, but constitute a pressing requirement to keep pace with global technological advancements, Minister of Digital Economy and Entrepreneurship Ahmad Hanandeh said on Wednesday.

Speaking at the opening of the Middle East Financial Technology Summit, held under the theme "The New Order for Fintech, Digital Payments and Banking in a Digital Society", Hanandeh noted that Jordan has reached "significant milestones" in the digital economy, particularly in digital infrastructure, the Jordan News Agency, Petra, reported. 

Hanandeh explained that rapid growth in digital technology, along with advancements in smart devices, systems, data processing and artificial intelligence, have triggered "revolutionary changes" in global economies.

He highlighted that many vital sectors, including the finance, agriculture, industrial, healthcare and security services industries, are increasingly leveraging digital technologies like artificial intelligence.

The minister noted that the government is committed to matching these developments and making the most of the best global practices and opportunities available, with the aim of transitioning into an exemplary digital government.

He added that Jordan's ICT sector is a main pillar of the country's economy, where the government offers many of its services digitally through smart applications and one-stop services, to ensure an effortless user experience.

The National Strategy for Digital Transformation and the 2021-2025 Implementation Plan offers a strategic framework for Jordan's digital transition, focusing on payment processes in collaboration with strategic partners, such as the Central Bank of Jordan and Jordanian banks, in order to form an efficient e-payments system.

The strategy clarifies necessary changes and requirements to align with global digital transformation progress, improve delivery of government services and enhance government performance efficiency, Hanandeh said.

Ayman Rasheed, chairman of the Conference Organising Committee and CEO of Moments Innovation, noted that the conference, now in its fifth edition, is a major event in financial technology, digital payments and banking innovation, and gathers globally influential thought leaders in technology and finance.

Rasheed noted that the technology sector continues to progress, and plays a crucial role in digital transformation. 

The conference will host over 400 experts and speakers, including high-level executives from financial digital technology, banks and international, regional and local companies, to discuss the latest global trends in the financial technology industry and innovation's role in bolstering the reputation and profitability of financial institutions.

The topics of discussion will include the rising demand for digital banking services, digital banks, crowdfunding, artificial intelligence, payment innovations, the emerging role of open banking services and the growth of innovation in digital payments for small- and medium-sized enterprises.