BENEFIT and JoPACC sign MoU to support key financial technology and innovation initiatives
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, signed a Memorandum of Understanding with the Jordanian Payment and Clearing Systems Company (JoPACC). The key focus of the MoU is to foster collaboration, explore collaborative initiatives, and participate in the programs part of the Jordan Innovation Fintech Incubator ‘JOIN Fincubator’; the first fintech innovation incubator of its kind in Jordan, which was launched last year at the MENA ICT Forum.
According to the terms of this memorandum, both companies will unite their resources to create and deliver digital financial services, leveraging their expertise and technological capabilities. It will also involve the formation of a steering committee composed of team members nominated by both parties that will work to discuss topics of cooperation in the areas of financial technology innovation.
The Central Bank of Jordan and JoPACC recently announced the establishment of the Jordan Innovation FinTech Incubator ‘JOIN Fincubator’, in line with their commitment to address financial stability, foster an advanced financial infrastructure, and increase digital financial inclusion. The recent announcement is tied to the upcoming edition of the Communications and Information Technology Forum for the Middle East and North Africa, which will kick off in the beginning of this year.
Dr. Adel Al-Sharkas, Chairman of the Jordanian Payment and Clearing Systems Company (JoPACC), commended the Kingdom of Bahrain and its innovative businesses, specifically BENEFIT, for their success in establishing partnership ties to promote financial technology innovations across the Kingdom, empowering the transfer of knowledge across the region, and strengthening the future of both our economies, and the region at large.
For his part, Mr. Abdulwahed AlJanahi, CE of BENEFIT, commented, “In line with broadening the horizons of collaboration and knowledge exchange between financial institutions and FinTech companies, it is an honor to have this MoU and we look forward to engaging with JoPACC in various aspects, leveraging on the Company’s successful milestones.
He further added, “This is in accordance with our key focus to foster collaboration, share our expertise and collaborate with like-minded institutions to solidify MENA’s presence and position when it comes to the FinTech industry. This partnership will achieve several milestones in the region and unlock vast opportunities for aspiring entrepreneurs and innovators. We look forward to working with JoPACC in boosting cooperation in various aspects and strengthening the relations between the two brotherly countries.”
It is worth noting that JoPACC is a private shareholding company and a domestic payment system operator that manages and develops several payment systems, introduces innovative digital financial solutions that directly benefit end-users, and produces and disseminates knowledge about digital financial services in Jordan.