Enhancing digital transformation and the digital economy, positioning Jordan on the path to becoming a leading regional hub and an investment destination for financial technology (Fintech), and promoting the shift to a cashless digital society through digital financial services are integral parts of Jordan's Economic Modernization Vision (2033) and its executive program for the years (2023-2025).
In line with its commitments to achieving these objectives, the Central Bank of Jordan has launched the Jordan Fintech Center (Jo-Fintech) initiative in September 2022. This initiative aims to create an integrated ecosystem to enhance innovation and entrepreneurship in the financial and banking sector. It leverages Jordan's excellent IT and telecommunications infrastructure and skills, along with political commitment to support fintech and a strong set of existing institutions that support the growth of fintech companies. These elements provide a solid foundation for the development of fintech in Jordan. The Jordanian environment has significant strengths that offer fertile ground for the growth and development of financial technology.
Jo-Fintech Center aims to realize the Fintech Vision through engagement and collaboration among all key stakeholders to foster the growth of the fintech sector, harness expertise, improve digital financial services, and enhance the fundamental digital infrastructure that supports a thriving fintech ecosystem. It also aims to provide consistent support for entrepreneurs and startups in the fintech field at every stage of their journey.
In this endeavor, Jo-Fintech Center aims to achieve these objectives:
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Improving the legal and regulatory environment to stimulate innovation and foster competition.
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Enhanced communication and coordination with fintechs and other actors within the enabling environment.
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Promoting increased investments in Jordanian fintechs.
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Expand digital financial services to enhance Jordanian's quality of life.
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Promoting the inclusion of all segments of society in the financial system, including all underserved and marginalized sectors.
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Closing the knowledge gap of fintech and innovation.
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Jo-Fintech Center components
The fintech ecosystem in Jordan involves various stakeholders who play crucial roles in shaping and influencing the industry. These stakeholders are shown in the figure below and will collectively contribute to the growth and evolution of the fintech ecosystem, shaping the future of digital financial services.
