CBJ launches fintech, innovation vision, with focus on Jordan’s ICT talent

AMMAN — The Central Bank of Jordan (CBJ) on Wednesday launched its financial technology and innovation vision, in line with the Economic Modernisation Vision (EMV).

The event was attended by stakeholders representing banks, financial institutions, associations, unions, financial technology companies, entrepreneurs, incubators, business accelerators and a range of official institutions and universities in the Kingdom, the Jordan News Agency, Petra, reported.

CBJ Governor Adel Sharkas said that launching the vision reflects the important role that fintech and innovation play in shaping economies, stressing that Jordan is currently ready to harness these opportunities to expand the scope of citizens’ economic futures.

Sharkas highlighted the importance of fintech in supporting the development of micro, small and medium enterprises (MSMEs), which is one of the main drivers of job creation and driving economic diversification under the EMV.

MSMEs account for 98 per cent of companies and 60 per cent of the workforce in the Kingdom. As such, these small and medium businesses play a role in promoting financial inclusion by boosting access to financial services for all segments of Jordanian society, including those with limited income, he said.

Jordan is among the world's leaders in producing ICT skills, including in fintech specialties, Sharkas said, noting that 23 per cent of technology entrepreneurs in the Middle East and North Africa are Jordanian. The Kingdom is also among the largest six regional providers of financial technology solutions, he added.

The CBJ vision was formulated from the results of a market study focused on determining the current status of Jordan's innovation and fintech system. The study was conducted this year in cooperation with the German International Cooperation Agency (GIZ).

The outcomes of the market study show that Jordan's fintech system is strong in many aspects, and Jordan has many qualified entrepreneurs and employees currently working in the ICT and financial sectors.