JoPACC and Rainmaking Collaborate To Unleash Fintech Innovation In Jordan Through JOIN Fincubator
The Jordan Payments and Clearing Company (JoPACC) and Rainmaking Innovation have signed an agreement to mark the onset of the programs of JoPACC's newly established fintech incubator, JOIN Fincubator, which will support the development and endeavors of fintech ideas and start-ups in the Jordanian ecosystem.
The agreement, which was signed in Amman by Ms. Maha Bahou, CEO of JoPACC, and Mr. Ibrahim Seksek, CEO of Rainmaking Innovation MENA, creates a strategic partnership between Rainmaking Innovation and JoPACC's JOIN Fincubator to be one of Rainmaking's first initiatives in the Jordanian market. The agreement comes as a part of a long-term vision of Rainmaking to unleash perpetual entrepreneurship in Jordan and the MENA region and constitute corporate innovation and startup-corporate partnerships.
The launch of the JOIN Fincubator was first announced during the proceedings of the 20th edition of the MENA ICT Forum, in November 2022, by Dr. Adel Sharkas, Governor of the Central Bank of Jordan and Chairman of JoPACC. JOIN Fincubator targets startups, financial institutions, college students, and investors in Jordan and the MENA region who can benefit from developing fintech products and solutions and contribute to the development, enrichment, and expansion of Jordan's digital economy.
To cater to Jordan's financial ecosystem's growing need for a centralized environment for fintech startups, enterprises, and financial institutions to test and develop their ideas, JOIN Fincubator intends to be a central hub for fintech entrepreneurs, aiming to accelerate product development and provide participants with a comprehensive testing and development platform. JOIN Fincubator programs will be supported by Startupbootcamp, a Rainmaking Innovation firm that is regarded as one of the top five accelerators in the world.
Furthermore, in collaboration with Rainmaking, JOIN's platforms, infrastructure, mentors, and partners will establish an ecosystem through which startups and financial institutions can receive adequate resources and industry expertise. Its channels can be used for networking, relationship building, partnership formation, transfer programs, conferences, and events.
Rainmaking MENA CEO Ibrahim Seksek commented on the launch of JOIN Fincubator in Jordan, saying, "This collaboration with JoPACC is a testament to Startupbootcamp's expertise in fintech and our commitment to fostering entrepreneurship in the Jordanian ecosystem. We believe that JOIN Fincubator will be a key driver of innovation and growth in Jordan and the broader MENA region's digital economy."
On her side, JoPACC's CEO, Ms. Maha Bahou, expressed her excitement for the new partnership with Rainmaking, a regional leader in corporate innovation and venture development across the Middle East. Ms. Bahou stressed on the critical role Rainmaking will play in supporting the creation, acceleration, and expansion of new fintech businesses at JOIN Fincubator, and emphasized the valuable exposure that JOIN's cohorts will gain from Startupbootcamp's global network of experts, startups, and entrepreneurs.
JoPACC is a private shareholding company owned by the Central Bank of Jordan and all operating banks within the country. In addition to developing and operating several payment systems and digital platforms within the Kingdom, JoPACC develops innovative digital financial solutions and produces and disseminates knowledge and business analytics in the financial sector to raise awareness and enhance financial inclusion in Jordan. Additionally, JoPACC invests in enabling and empowering fintech innovations through its newly established unit JOIN Fincubator.
JOIN Fincubator, a one-of-a-kind fintech incubator, provides entrepreneurs and innovators with access to infrastructure, a sandbox, and specialized systems that enable them to test and refine their fintech products and services. JOIN Fincubator also offers mentorship and training programs, and facilitates access to investors and partnerships, enabling its participants to launch their products and services locally and globally.
Established in Copenhagen, Denmark, Rainmaking is one of the world's leading corporate innovation facilitators and venture development firms with 12 offices globally, including major tech hubs such as London, Copenhagen, Dubai, Singapore, and New York.
Startupbootcamp is part of Rainmaking. Startupbootcamp has a core mission to support the region's most ambitious entrepreneurs through all stages of growth. Today, Startupbootcamp is considered one of the world's most active industry-focused startup accelerators –rated a top-5 accelerator globally.