JoPACC opens applications for the first JOIN Fincubator Hackathon: MSME Masterminds
The Jordan Payments and Clearing Company “JoPACC” and the Open Bank Project are excited to announce the opportunity to participate in the first JOIN Fincubator Hackathon: MSME Masterminds, supported by GIZ Implemented project Innovative approaches for the financial inclusion of MSMEs in Jordan (I-FIN), commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ), taking place from March 16th till the 18th, 2023 in Amman, Jordan.
Participants will spend 72 hours collaborating in teams of coders, designers, and entrepreneurs to create and showcase a working prototype. There will be on-ground support: such as engineers helping with technical queries and mentors guiding teams toward the perfect pitch. JOIN Fincubator will additionally provide a sandbox — powered by the Open Bank Project — equipped with 500+ APIs to develop and test solutions.
Teams can win up to JOD 100,000 in prizes for creative, innovative, and visionary ideas that address the main theme of this competition: Driving access to financial services for micro, small and medium-sized enterprises.
The main challenges to tackle are:
1. Innovative risk management and mitigation approaches for MSMEs financing and access to financial services,
2. Innovative products and services to support MSMEs financing and access to financial services,
3. Innovative process management and optimization to reduce costs and enhance efficiency,
4. Innovative credit data and scoring models for MSMEs,
5. Innovative products and services to support the needs of women-led/owned MSMEs,
6. Other related themes for access to innovative financial services for MSMEs (such as green finance).
For her part, Maha Bahou, CEO of JoPACC stated that: “The MSME sector forms more than 95% of business in Jordan, yet access to financial services and financing continues to be a significant hurdle preventing businesses from growing and thriving. This is the first hackathon by JOIN Fincubator — and we’re inviting all innovators to tackle this challenge with us to come up with viable fintech solutions.”
Ulrich Hess, I-FIN Team Leader, welcomed the launch of JOIN Fincubator´s MSME Mastermind hackathon, stating that: “The I-FIN project supports initiatives which promote access to innovative financial services for growth-oriented MSMEs in Jordan. Access to finance enables MSMEs to grow and create sustainable job opportunities in the country”.
“The Middle East is quickly turning into a financial hub, and Jordan’s recent framework will help the fintech community flourish. We’re thrilled to be working with JoPACC on their first hackathon, which is set to be a catalyst for fintech innovation in the region. “ said Simon Redfern CEO of TESOBE and Founder of the Open Bank Project