The Central Bank of Jordan and JoPACC Launch the Digital Signature Challenge for Financials (DiSiFi Challenge)

On behalf of H.E. Dr. Adel Al Sharkas, Governor of the Central Bank of Jordan, Deputy Governor H.E. Dr. Khaldoun AlWshah inaugurated the launch of the first competition dedicated to developing cybersecurity solutions in the Financial Sector on Sunday, October 6, 2024. This event encourages Jordanian companies and startups to participate in the Corporate Challenge, organized through the Financial Sector - Cyber Emergency Response Team (Jo-FinCert), in partnership with the Jordan Payments and Clearing Company (JoPACC) /Financial Technology Center (JOIN). The challenge aims to address critical barriers to the adoption of digital signatures in Jordan, focusing on areas such as awareness, integration, regulatory compliance, security, and user experience.

This DiSiFi Challenge presents an exciting opportunity for participants in Jordan to develop advanced digital signature solutions that integrate smoothly with the internal systems and digital channels of Jordanian banks and the Central Bank of Jordan's existing Public Key Infrastructure (CBJ PKI). The objective of the challenge is to leverage CBJ's PKI to create a secure and legally binding digital signature and verification process for financial and banking services and transactions, thereby boosting the efficiency, security, authenticity, and integrity of digital transactions across the financial sector. By harnessing local talent, participants will help enhance and contribute to modernizing Jordan's financial sector. 

The first phase of the implementation will target banks’ services, their official signatories and employees, in addition to the official signatories of banks' business clients, enabling them to fully conduct their financial and banking transactions remotely without the need for their physical presence, while ensuring authenticity and integrity.

The challenge aims to encourage the development of innovative solutions which will facilitate the seamless adoption of digital signatures across Jordan’s banking sector. By aligning with international standards and enhancing trust in digital processes, these solutions will make digital signatures more accessible and reliable for financial institutions in Jordan.

His Excellency Dr. Khaldoun Wishah emphasized the importance of these initiatives and their vital role in improving the efficiency of the financial sector, stating: “This initiative aligns with the Economic Modernization Vision, a fundamental pillar of the comprehensive reform agenda advocated by His Majesty King Abdullah II Ibn Al-Hussein.  This challenge is more than just a competition; it is an invitation for institutions and innovators to present creative solutions that enhance the efficiency, security, and integrity of digital transactions in our financial sector. This will lead to a reduction in paperwork and administrative burdens while ensuring the highest level of security for banking services and transactions”.

Ms. Maha Bahou, CEO of JoPACC, stated: “Despite the significant challenges posed by the DiSiFi Challenge, we are eager to see innovative solutions that will elevate the financial sector with the support and efforts of the Central Bank of Jordan, contributing to our national objectives. Our focus today is on adhering to the highest standards and requirements for this challenge while fostering innovation in this one-of-a-kind service across the Kingdom”.  

Applications are now open and will close on November 3rd, 2024. The first round of filtration will take place two weeks after the deadline. Shortlisted participants will then be required to submit their tech solutions and related documentation for the second phase of evaluation that consists of functional and security testing by mid-January 2025.

For more information, please visit DiSiFi Challenge