jordan pulse -
Central Bank Governor Adel Al-Sharkas announced, on Wednesday, the launch of the Central Bank’s vision for financial technology and innovation in line with the economic modernization vision that is under royal patronage.
During his speech at the opening of the “FinTech Day” activities, Al-Sharkas said that the launch of this vision comes in recognition of the pivotal role that financial technology and innovations play in shaping the economies of countries.
He pointed out that Jordan is ready to take advantage of these opportunities to improve the lives of its citizens and expand its economic horizons, believing in the importance of formulating a comprehensive forward-looking vision for financial technology and innovation that constitutes a road map to direct all partners in the financial technology sector in Jordan towards harnessing advanced technologies, strengthening the ecosystem for emerging companies, and ensuring Providing innovative financial services that meet the evolving needs of our society, advance sustainable development, and enhance Jordan’s position as a regional center and investment destination for financial technologies and innovations.
In the context of the general objectives of the economic modernization vision, the Circassians highlighted the importance of financial technology in supporting the flexibility and development of micro, small, and medium enterprises, which is one of the main engines for creating job opportunities and driving economic diversification, as it represents 98% of operating companies and 60% of The size of employment in the Kingdom.
It also aims to enhance resilience and stability and enhance financial inclusion by enhancing access to financial services by all segments of Jordanian society, including those with limited income, to enable them to participate effectively in the economy.
The Circassians also indicated that Jordan has a well-established and vibrant financial technology system, through its possession of a strong, solid and stable financial system, an advanced and secure digital infrastructure, and an advanced educational system that generates talents and skills, as Jordan is among the global leaders in producing ICT skills, including financial technology. Pointing out that 23% of technology entrepreneurs in the Middle East and North Africa region are Jordanians, and Jordan is considered among the six largest regional providers of financial technology solutions.
At the level of partnership between the public and private sectors, Circassians stressed the importance of the role of the private sector in strengthening the financial technology industry and that it is an essential partner in this industry.
He also highlighted the importance of interaction and cooperation from all stakeholders interested in developing and investing in the financial technology industry, improving digital financial services, enhancing the digital infrastructure necessary for a thriving financial technology ecosystem, providing permanent support to entrepreneurs and talents, and enhancing knowledge and skills.
It is noteworthy that this vision was formulated based on the outcomes of the market study to understand the current situation of the innovation and financial technology system in Jordan, which was implemented in cooperation with the German Agency for International Cooperation (GIZ) during this year. The outcomes of the market study showed that the financial technology ecosystem in Jordan is strong in many aspects. Jordan has many qualified cadres in the information and communications technology sector, the financial sector, and entrepreneurship.