Central Bank of Jordan (CBJ) on Wednesday launched its Financial Technology and Innovation Vision, in line with Economic Modernization Vision (EMV), attended by representatives of the kingdom’s fintech sector. Speaking during the opening ceremony of “Jordan Fintech Day” activities, CBJ Governor, Adel Sharkas, said launch of this vision comes in recognition of the “pivotal” role that financial technology and innovations play in shaping economies. Jordan, he noted, is ready to take advantage of these opportunities to improve citizens’ lives and expand their economic horizons. Sharkas added that: “The move stems from importance of formulating a comprehensive forward-looking vision for financial technology and innovation that constitutes a roadmap to direct all partners in the Kingdom’s fintech sector to harnessing advanced technologies.” The step, he noted, also aims to strengthening appropriate conditions for startups, and ensuring delivery of innovative financial services that meet the evolving needs of Jordanian society, driving sustainable development and strengthening Jordan’s position as a regional center and investment destination for financial technologies and innovations. In the context of the EMV’s overall objectives, he highlighted importance of financial technology in supporting resilience and development of micro-, small and medium-sized enterprises (MSMEs), which is a key driver to create jobs and advance economic diversification. This MSMEs sector represents 98% of operating companies and 60% of size of the Kingdom’s workforce in the Kingdom, in addition to its role in enhancing financial inclusion by boosting access to financial services by Jordanian society, including people with limited incomes to enable them to participate effectively in the economy, he pointed out. Jordan, he said, enjoys a “well-established and vital” system for financial technology, as the Kingdom has a “strong, solid and stable” financial system, “advanced and secure” digital infrastructure, and an “modern” educational system that creates talents and skills. Sharkas added that Jordan is among the global leaders in the production of information and communication technology skills, primarily financial technology. He noted 23% of technology entrepreneurs in the Middle East and North Africa region are Jordanians, adding that Jordan is among the 6 largest regional providers of financial technology solutions.
Source: Jordan News Agency