Crown Prince Foundation signs two MoUs with Bahraini Central Bank, FinTech Bay

AMMAN — HRH Crown Prince Hussein on Saturday, during his visit to Bahrain, attended a signing ceremony for two memoranda of understanding (MoUs) between the Central Bank of Bahrain (CBB) and the Crown Prince Foundation (CPF) on one side and the CPF and Bahrain FinTech Bay (BFB) on the other, a Royal Court statement said.

The first MoU, signed between the CBB and the CPF, stipulates bolstering mutual cooperation through the bank’s Fintech Unit.

According to Petra, the MoU entails expertise exchange in the field, building on Bahrain’s experience as well as developing programmes designated to building Jordanian start-ups’ capabilities and upgrading their skills in fintech fields.

Under the second memo, signed between the CPF and the BFB, the two institutions will work collaboratively to design an entrepreneurial model to empower the fintech environment in Jordan.

It is to be similar to models in other countries aimed at finding a common ground for policymakers, creators, start ups and the workers in the financial sector.

The MoUs were signed by CPF CEO Tamam Mango, CBB Governor Rasheed Maraj and BFB CEO Khaled Saad, the source added.

On the sidelines of the ceremony, the Crown Prince stressed the importance of continuing cooperation and building partnerships between the two countries institutions.

As per its mission to empower the Jordanian youth, the CPF, through this cooperation, endeavours to create platforms that promote competition among the youth, Mango said.

For his part, Gerben Visser, founder of a fintech corporate incubator, FinTech Consortium, and Maissan Almaskati, the chairman of FinTech Consortium Bahrain, highlighted that this cooperation with the CPF enhances the stature of the Kingdom as a place for entrepreneurship and innovation.

The executives also noted that Jordan enjoys proven capabilities, enabling it to be a centre for innovation.

Such capabilities enable the Kingdom to take part in the international branches of the Bahraini fintech hub, they added.

The CPF was established under a special law that was endorsed in 2015 to implement HRH Crown Prince Hussein’s vision towards building a bright future for Jordan’s youth by inspiring and driving engagement to improve community well-being in three main aspects: innovation and entrepreneurship; leadership and participation; giving and community service.