JoPACC and Bahrain’s “BENEFIT” Company Signs an MoU to Collaborate on Fintech Innovation Programs

The Jordan Payments and Clearing Company (JoPACC) and the “BENEFIT” Company, the provider of support services to the financial sector in Bahrain, have announced a memorandum of understanding (MoU) that aims to foster collaboration on financial technology and innovation programs.This new MoU is set to bring together both entities' efforts in offering digital financial services, utilizing their knowledge and technical capabilities. A joint steering committee, composed of members from both entities, will be formed to navigate areas of collaboration in Fintech innovation.

The Central Bank of Jordan (CBJ) and JoPACC have recently announced the launch of the Jordan Innovation Fintech Incubator (JOIN Fincubator) during the proceedings of the MENA ICT Forum. JOIN programs are intended to take effect at the beginning of this year.JOIN hosts the Digital Regulatory Sandbox (JO Reg Box), which is operated and managed by the Central Bank of Jordan. JOIN also organizes bespoke programs that attract startups, financial technology entrepreneurs, students, academic and financial technology institutions, and investors. Within its strategic direction, JOIN aims to equip financial technology innovators with the necessary expertise, enable them to access infrastructure, connect entrepreneurs with investors, and facilitate the entry of their innovative financial products into the market.

His Excellency Dr. Adel Al-Sharkas, Chairman of the Board of Directors of JoPACC, praised the honorable efforts of the Kingdom of Bahrain and its pioneering companies, particularly the “BENEFIT” company, in strengthening cooperation to advance financial technology innovations and enable the exchange of expertise, which will have a significant impact in the future of the digital economy in Jordan and the region. Mr. Abdulwahed AlJanahi, CEO of The BENEFIT Company, stated that “Within the expansion of cooperation and exchange of knowledge and experience between financial institutions and financial technology institutions, we commend the signing of this significant MoU and look forward to working jointly with JoPACC in various areas, particularly given JoPACC’s successful experiences, which are similar to those of BENEFIT. In addition, this collaboration will contribute to the economic development of both Bahrain and Jordan”.

BENEFIT, Bahrain’s Electronic Network for Financial Transactions and a licensed company by the Central Bank of Bahrain, works to enable the financial sector in Bahrain to forge strong and lasting connections with its customers across a wide geographical base. The company has under its umbrella a variety of leading payment systems in the Kingdom of Bahrain.

JoPACC is a private shareholding company owned by the Central Bank of Jordan and all operating banks in the Kingdom. In addition to operating and developing payment systems in Jordan, the company invests in enabling financial technology innovations and works to produce knowledge and business analytics in the financial sector to raise awareness and enrich the decision-making process.