FinTech Consortium announces launch of Jordan Fintech Bay

FinTech Consortium (FT), a dedicated FinTech Incubator and Ecosystem builder, today 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 and future proof its Jordan’s financial industry.

Jordan FinTech Bay will deploy through digital solutions as well as physical resources, its capabilities suite related to FinTech Advisory Services, Venture & FinTech Acceleration Program, National FinTech Talent Program (fintech-institute.com), Research & Publications and its Events activities, including its; blockchain (blockonconf.com), insurance technology (insurbyte.com) and regulatory technology (regfact.com) conferences.

Highlighting the strategic collaboration between the below mentioned parties, Jordan FinTech Bay has established strategic partnerships with the Ministry of Digital Economy & Entrepreneurship, the Crown Prince Foundation of Jordan, the Innovative Startups and SMEs Fund and the Jordan Payments and Clearing Company.

His Royal Highness Crown Prince Al Hussein bin Abdullah II, during his visit to Bahrain last March witnessed the signing of two memorandums of understanding by the Crown Prince Foundation (CPF) with the Central Bank of Bahrain, and with the Bahrain FinTech Bay.

The memorandum with the Central Bank of Bahrain was aimed at enhancing cooperation through the financial technology and innovation unit at the bank, to exchange expertise in financial technology and design programs, and the second memorandum with Bahrain FinTech Bay focuses on cooperation to design a business entrepreneurship model to support the financial technology ecosystem in Jordan.

From his part, His Excellency Engineer Mothanna Al-Gharaibeh, Minister of Digital Economy and Entrepreneurship stressed on the importance of launching Jordan FinTech Bay, which is one of the most important pillars in the transition to the digital economy through provision of services and solutions in financial technology.

Al-Gharaibeh added that “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, which serves many entities, institutions and individuals, providing digital financial services that use technology in the implementation of their services, which has become an important indicator in the field of social and economic progress of countries”.

Al-Gharaibeh also pointed that the government has taken a decision for next year, not to cash receipt of the allowance in government institutions, and that all financial payments and cash allowance will be through payment gateways and e-portfolios. It is an important decision for the growth of the digital economy in the Kingdom through digital payment processes that will help in saving time and effort for citizens and companies at the same time.

H.E Dr. Ziad Fariz, Governor of the Central Bank of Jordan said: “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.

Central Bank urges banks and financial institutions to participate in creating opportunities and synergies for FinTech and to leverage on latest technology to serve our economy. Central Bank of Jordan through its FinTech Regulatory Sandbox is envisioning to cooperate with all FinTech hubs emerging in the market” Dr. Tamam Mango, CEO of the Crown Prince Foundation added: “The Crown Prince 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.”

Mr. 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 they can provide innovative solutions to expand in this field, creating job opportunities as they grow.”

Mr. Gerben Visser, Founder & CEO of FinTech Consortium said, “Jordan FinTech Bay envisage to play a multi-faceted role in the development of the fintech enablement and positioning of Jordan 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 programs, co-working and venture capital.”

“We believe the collaboration with a multitude of public and private sector partners are opportune, timely and will contribute to the future-proofing of its financial service centre,” he added.”