FinTech Consortium announces launch of Jordan FinTech Bay

AMMAN — FinTech Consortium (FT), a financial technology incubator and ecosystem builder, on Monday, announced the launch of Jordan FinTech Bay (JFB).

Jordan FinTech Bay aims to foster synergies among market players, including government bodies, financial institutions, corporates, investors and innovators, who believe that technology can bring added value to Jordan’s financial industry, a statement from the consortium said.

Through digital solutions and physical resources, Jordan FinTech Bay will deploy its capabilities suite related to FinTech Advisory Services, Venture and FinTech Acceleration Programme, National FinTech Talent Programme (fintech-institute.com), Research and Publications and its events activities, including its blockchain (blockonconf.com), insurance technology (insurbyte.com) and regulatory technology (regfact.com) conferences, read the statement. 

Jordan FinTech Bay has established strategic partnerships with the Ministry of Digital Economy and Entrepreneurship, the Crown Prince Foundation (CPF), the Innovative Start-ups and SMEs Fund and the Jordan Payments and Clearing Company, the statement said. 

HRH Crown Prince Hussein, during his visit to Bahrain last March, attended the signing of two memoranda of understanding — one between the CPF and the Central Bank of Bahrain and one between the CPF and the Bahrain FinTech Bay — the statement said.

The memorandum of understanding (MoU) with the Central Bank of Bahrain aimed to enhance cooperation through the financial technology and innovation unit at the bank, exchange expertise in financial technology and design programmes. 

The second MoU with Bahrain FinTech Bay focuses on cooperating to design a business entrepreneurship model for supporting the financial technology ecosystem in Jordan.

Minister of Digital Economy and Entrepreneurship Muthana Gharaibeh stressed the importance of launching Jordan FinTech Bay, which is “one of the most important pillars” in the transition to a digital economy.

“The ministry’s role comes in cooperation with strategic partnerships with the Crown Prince Foundation and the Central Bank of Jordan by providing a supportive environment for entrepreneurs and start-ups to help them innovate and invest in financial technology,” Gharaibeh was quoted in the statement as saying.

The minister also pointed out that the government has taken a decision for next year that all financial payments and cash allowances will be made through payment gateways and e-portfolios. 

Ziad Fariz, governor of the Central Bank of Jordan, said: “The Central Bank of Jordan encourages cooperation in the market to promote FinTech and believes that this initiative is aligned with our efforts to promote FinTech and support innovation in the market. The central bank urges banks and financial institutions to participate in creating opportunities and synergies for Fintech and to leverage the latest technology to serve our economy.”

The Central Bank of Jordan, through its FinTech Regulatory Sandbox, envisions cooperation with all Fintech hubs emerging in the market, he added.

For his part, CPF CEO Tamam Mango, said that the foundation is focused on providing opportunities for Jordan’s youth, linking them to new global economic niches. 

“It is important that we are able to provide platforms and training as our ambitious youth across the governorates have access to international opportunities and are exposed to new sectoral trends,” Mango said.

Laith Al Qasem, CEO of Innovative Startups and SMEs Fund said: “Partnering with Jordan FinTech Bay aligns directly with our strategy of supporting initiatives that have a significant and long-term impact on the growth prospects of Jordan’s entrepreneurship ecosystem and the economy in general.” 

Jordan’s entrepreneurs are “well-positioned to take advantage of the Fintech shift happening globally”, and can provide innovative expansion solutions in this field which will create job opportunities as it grows, Qasem noted.

Gerben Visser, founder and CEO of FinTech Consortium, said that Jordan FinTech Bay aims to play a multi-faceted role in the development of Fintech and Jordan’s position as a regional Fintech hub. 

“This includes assisting in the execution of a range of comprehensive initiatives related to Fintech talent development, venture acceleration, corporate incubation, enterprise acceleration programmes, co-working and venture capital,” Visser was quoted in the statement as saying.