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JoPACC, Rainmaking Innovation collaborate on Jordan’s fintech advancement via JOIN Fincubator

By JT - May 11,2023 - Last updated at May 11,2023

CEO of JoPACC Maha Bahou and CEO of Rainmaking Innovation MENA Ibrahim Seksek during a signing ceremony (Photo courtesy of JoPACC)

AMMAN — The Jordan Payments and Clearing Company (JoPACC) and Rainmaking Innovation have signed an agreement to mark the onset of programmes of JoPACC’s newly established fintech incubator, JOIN Fincubator.

The agreement, signed by Maha Bahou, CEO of JoPACC, and Ibrahim Seksek, CEO of Rainmaking Innovation MENA, will support the development and endeavours offintech ideas and startups in the Jordanian ecosystem, according to a JoPACC statement.

The strategic partnership between Rainmaking Innovation and JoPACC’s JOIN Fincubator is one of Rainmaking’s first initiatives in the Jordanian market. The agreement comes as a part of a long-term vision of Rainmaking to unleash perpetual entrepreneurship in Jordan and the MENA region and constitute corporate innovation and startup-corporate partnerships, read the  statement.

The launch of the JOIN Fincubatorwas first announced during the proceedings of the 20th edition of the MENA ICT Forum, in November 2022, by Adel Sharkas, governor of the Central Bank of Jordan and chairman of JoPACC.

JOIN Fincubator targets startups, financial institutions, college students and investors in Jordan and the MENA region.   

To cater to Jordan’s financial ecosystem’s growing need for a centralised environment for fintech startups, enterprises, and financial institutions to test and develop their ideas, JOIN Fincubator intends to be a central hub for fintech entrepreneurs, aiming to accelerate product development and provide participants with a comprehensive testing and development platform, the statement said. 

JOIN Fincubator programmes will be supported by Startupbootcamp, a Rainmaking Innovation firm that is regarded as one of the top five accelerators in the world.

Seksek said: “This collaboration with JoPACC is a testament to Startupbootcamp’s expertise in fintech and our commitment to fostering entrepreneurship in the Jordanian ecosystem. We believe that JOIN Fincubator will be a key driver of innovation and growth in Jordan and the broader MENA region’s digital economy.”

Bahou stressed the critical role Rainmaking will play in supporting the creation, acceleration, and expansion of new fintech businesses at JOIN Fincubator, and emphasised the valuable exposure that JOIN’s cohorts will gain from Startupbootcamp’s global network of experts, startups, and entrepreneurs.

JoPACC is a private shareholding company owned by the Central Bank of Jordan and all operating banks within the country. 

Established in Copenhagen, Denmark, Rainmaking is one of the world’s leading corporate innovation facilitators and venture development firms with 12 offices globally, including major tech hubs such as London, Copenhagen, Dubai, Singapore and New York.

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