CPF, CBJ agreement centres on developing financial technology sector

AMMAN — The Crown Prince Foundation (CPF) and the Central Bank of Jordan (CBJ) have signed a memorandum of understanding (MoU) that aims at working jointly to develop the Kingdom’s financial technology sector in a way that serves youth and start-ups. 

The memo stipulates supporting the CBJ’s efforts to enhance the financial technology sector, building upon similar international experiments in regards to youth and developing programmes for enhancing the capabilities of start-ups, the Jordan News Agency, Petra, reported on Sunday. 

The MoU also stipulates designing a pioneer action template that seeks to promote an environment that supports financial technology in Jordan. 

CBJ Deputy Governor Adel Sharkas said that the bank has given much attention to financial technology developments and supporting initiatives and innovations, given their large role in enhancing financial inclusion, reaching the digital economy and boosting economic competitiveness on the national level. 

Partnerships and cooperation between the public and private sectors are key to the success of the approach followed by the CBJ to reach its goals in a way that suits all stakeholders in the Kingdom, Sharkas added.

For her part, CPF CEO Tamam Mango said that financial technology in the Kingdom is among the sectors that have witnessed a “great and accelerating development” in the entire world.

Mango noted that the foundation pays special attention to this sector, given its role in enhancing economic opportunities for youth.  

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 and giving and community service.

To foster progress, inclusion and innovation, the CBJ launched the national financial inclusion strategy, which was released in December of 2017, and the bank complemented it by establishing a FinTech regulatory sandbox to foster and promote financial technology and entrepreneurship in the sector.