Two teams win JoPACC’s Supply Chain Finance Corporate Challenge through JOIN Fincubator
In the presence of representatives from the three sponsoring banks of JOIN Fincubator: Jordan Kuwait Bank, Housing Bank for Trade and Finance, and the Jordan Islamic Bank - along with representatives from Arab Bank, Citibank, and the German Agency for International Cooperation (GIZ), The Jordan Payments and Clearing Company (JoPACC) held a Demo Day for the "Supply Chain Finance Corporate Challenge,". This challenge, which was announced earlier in September for Jordanian supply chain companies, was sponsored by the GIZ, and aimed to find innovative solutions to financial challenges within Supply Chain Finance in Jordan. The goal was to reach financial solutions and strategic methods to enhance smooth money circulation, increase working capital, reduce financing costs, and enhance operational efficiency within the supply chain network. This challenge qualified the winning companies to work on a "Proof of Concept" (PoC) that can be implemented in both commercial and Islamic banks.
The Demo Day included presentations by the eight shortlisted companies, who showcased their business models and solutions, to a judging panel, comprising industry experts from the three sponsoring banks of JOIN Fincubator, who in turn evaluated and rated the proposed solutions. Consequently, two winning teams were selected to present the best solutions among all participating companies. The first winner was the "Credit Plus" team, who pitched a solution encompassing factoring programs, reverse factoring programs, and dynamic discounting programs. The second winner was the "Sparx Digital" team, who pitched a solution for financing both accounts receivable and accounts payable, by registering clients, verifying data accuracy, and employing intelligent subscription methods.
It is worth noting that the "Supply Chain Finance Corporate Challenge" consists of two stages. The first stage involved a two-month registration period, during which introductory workshops were conducted for participating companies to provide them with information and the criteria related to the challenge. Subsequently, this was followed by the actual Demo Day, where participants qualified for the second stage. In the second stage, the two winning teams will get to implement their PoC within 60 days of the announcement of the results, working closely with the sponsoring banks of JOIN Fincubator, bearing in mind that JoPACC will cover all costs associated with the implementation of the PoC.
Strategically, through the Corporate Challenges organized by its fintech incubator; JOIN Fincubator, JoPACC aims to position Jordan as a hub for pioneering technological innovations that benefit both the Kingdom and the region.