As part of the ongoing efforts to achieve the Economic Modernization Vision of 2022, The Jordan Payments and Clearing Company (JoPACC), represented by its CEO, Ms. Maha Bahou, and The Hashemite University (HU), represented by Prof. Dr. Wasfi Al-Rawabdeh, Vice President of The Hashemite University, have signed a memorandum of understanding (MoU). The MoU aims to empower innovative and entrepreneurial students to develop innovative products and services in the financial technology (Fintech) industry to promote digital transformation across the Kingdom and enhance financial inclusion, ultimately leading to a sustainable digital economy.

This memorandum was signed to allow the HU students to benefit from the student-centric program within JOIN Fincubator, JoPACC’s newly established fintech incubator. The program targets university students in Jordan and is divided into four distinct programs: the Research Program, the Creative Project Development Program, the Training Program, and the Hackathon Program.

Commenting on this MOU, Ms. Maha Bahou emphasized the importance of collaborating with the academic sector and her firm belief in the capabilities of the youth and the need to provide them with specialized programs to help them develop their fintech ideas, innovations, and projects and overcome challenges and unlock their creative and innovative potentials. Additionally, she expressed her excitement for the new partnership and its potential to encourage innovation among young minds, thus enabling the program to reach more students in the Kingdom.

Dr. Al-Rawabdeh, said that the university seeks to provide job and training opportunities for its students, especially in the promising vocational and technical sectors, and most and foremost in financial technology “fintech”, to allow the graduates of the university to be more competitive in the local, regional, and international labor markets. He added that financial technology is changing the landscape of business administration, which carries implications for career development. He additionally stated that the university includes various colleges for business, information technology, and engineering, which are large in terms of the number of majors, students, professors, and scientific research production, pointing out the extensive partnerships the university has with the private sector to provide various training and qualification opportunities. Lastly, Mr. Al-Rawabdeh expressed his high hopes for this collaboration, adding that the university is proud of the partnership with JoPACC, a distinguished and experienced company in the Jordanian and regional financial scene.

It’s important to mention that JoPACC is a privately owned company by the Central Bank of Jordan and all the banks operating within Jordan. JoPACC develops several payment systems and digital financial solutions while producing and disseminating knowledge and business analytics to promote financial inclusion within the Kingdom. In addition, JoPACC established JOIN Fincubator in 2022 as a unique fintech incubator that provides fintech innovators and entrepreneurs access to specialized systems, infrastructure, and a sandbox environment for product testing and business development. JOIN also offers mentorship, training, and access to investors and partnerships to launch products and services locally and globally.

Established in November 2022, JOIN Fincubator’s goal is to contribute to the implementation of the Economic Modernization Vision and JoPACC’s objectives by empowering fintech start-ups and entrepreneurs to create innovative financial products and services that facilitate digital transformation, enhance financial inclusion, and foster sustainable digital economy. JOIN Fincubator also enables innovators and entrepreneurs to test and develop their fintech products and services, facilitating access to infrastructure, expertise, partnerships, markets, and finance. Moreover, JOIN provides access to various expert-led training courses and facilitates connections with potential investors creating opportunities for participants to launch their innovations in local, regional, and international markets.

The Hashemite University is a distinguished public university in Jordan, renowned for its excellence in higher education, scientific research, and partnerships with the business sector. Established in 1995, the university now comprises 15 colleges and 3 deanships, offering 53 specializations at the bachelor’s level and around 28 specializations in graduate studies, including PhD, MA, and higher diploma programs. The university also features 17 scientific, advisory, and service centers. The university boasts a highly qualified faculty of 850 members from leading international and Arab universities, while its student body comprises around 30,000 individuals, with 63% being female students. The university has over 100,000 graduates who have become successful professionals and leaders in their fields.