JoPACC’s CEO discusses Jordan’s Appetite for Fintech Solutions and highlights six technologies the financial sector should capitalize on
The Jordan Payments and Clearing Company (JoPACC), represented by its CEO Ms. Maha Bahou, participated in the Forum on "Fintech Solutions & Applications", hosted by the Jordan Today Center for Development (JTCD) on August 18th at the Landmark Hotel Amman. Representatives of banks and financial institutions attended the Forum.
Ms. Maha Bahou was a keynote speaker at the event and kicked off her talk by walking attendees through the development of the PayTech industry over the past 60 years and its services that impact our day-to-day lives. The evolution of payment systems will never stop, Ms. Maha stated, as payment systems are the foundation that supports all economic activities. The financial market will require more sophisticated payment systems with advanced safety and efficiency features to keep pace with the rapid technological developments.
Ms. Maha highlighted the unprecedented acceleration in the technological developments that have become an urgent need and an essential element for all sectors. Electronic and digital payments had been the guiding force behind developing financial technology globally and locally. Based on a study conducted by JoPACC on the digital transformation of financial institutions (FIs) in Jordan, Ms. Maha referred to the keen interest of FIs to adopt digital solutions, confirming the growing appetite of FIs to adopt Fintech solutions that expedite internal processes and serve customers better. She explained that the development of electronic and digital payment technology in Jordan had witnessed remarkable growth, accompanied by an increase in the number of companies and providers of innovative Fintech solutions. Most banks and financial institutions welcome their emergence in the market and collaborate with innovative Fintech service providers to digitize payment services and cater to the rising demands of customers: individuals and corporates alike.
Ms. Maha emphasized six key technologies that financial institutions should acquire and capitalize on to enhance their services and serve the needs of today’s economy. The first is the 5G connection, which has unprecedented speed, data size, and reliability capabilities and could revolutionize offered services. The second technology is blockchain, which is gaining significant attention from investors and regulators, given its data storage and security capabilities. The third technology is Intelligence Augmentation, which is considered the next generation in artificial intelligence (AI) and endeavors to augment human capability to help everyone work smarter and faster. The fourth is zero-tolerance cyber security, a new approach to cyber security that encompasses data privacy, protocols, and technologies. The fifth technology is Quantum Computing, which solves problems considered impossible for today’s computers. It can further enhance trading algorithms, reduce fraud, optimize portfolios, and manage risks. The last technology Ms. Maha mentioned is Open APIs, which carry the potential to maximize access to financial services.
In her closing remarks, Ms. Maha clarified that the major competition for local banks is not among each other but with international banks, as Challenger banks are expected to become a global phenomenon. This competition is inevitable, whether led by traditional incumbents, Fintechs, or companies outside the financial sector. Ms. Maha ended her talk with a call to participants to expand partnerships among Fintech companies and financial institutions and keep clients at the core of services and solutions.