July 25, 2024

Visa And JoPACC Alliance Triggers FinTech Development In Jordan

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Visa And JoPACC Alliance Triggers FinTech and FinTech Startups Development In Jordan and Levant Region with the aid of JOIN Fincubator. Image Courtesy-Visa
Visa And JoPACC Alliance Triggers FinTech and FinTech Startups Development In Jordan and Levant Region with the aid of JOIN Fincubator. Image Courtesy-Visa

Visa (NYSE: V), a world leader in digital payments, has signed a Memorandum of Understanding (MoU) with Jordan Payments and Clearing Company (JoPACC), to collaborate and empower fintech startups in Jordan and the Levant region.

Visa And JoPACC Alliance Triggers FinTech Development and FinTech Startups In Jordan through JOIN Fincubator Incubation Program

According to Industry sources, as a part of the MoU, both entities will establish a framework for collaboration, which includes mentoring startups in the second cohort of the JOIN Fincubator Incubation Program. Visa will continue to be a part of the jury of the JOIN Fincubator, for the second consecutive year, assessing fintechs for their startup ideas and business model canvases.

Industry sources also confirmed that this partnership will also unlock opportunities by allowing startups to access the Visa Development Sandbox, a fully functional environment to test publicly available Visa-owned Application Program Interfaces (APIs) and incorporate these resources, learning, and assets into their solutions. 

From L To R – Mario Makary, Visa Vice President, Levant Cluster Manager And H.E. Maha Bahou, CEO at Jordan Payments & Clearing Company

Mario Makary, Visa Vice President, Levant Cluster Manager stated: “At Visa, we believe access to the digital economy drives equitable, inclusive growth and we are excited to work with JoPACC to empower fintechs and promote innovation. By mentoring startups within the JOIN Fincubator and exploring further possibilities to accelerate their development, we are paving the way for economic development and value generation. Visa’s many initiatives in Jordan and the wider Levant region aim to help startups take small but significant steps toward making an impact, we are helping them provide financial services to those who have traditionally been underserved. Visa collaborates with government and financial partners to serve underbanked individuals and enable digital payment transition. Visa is committed to creating a resilient and inclusive financial ecosystem.”

H.E. Maha Bahou, CEO at Jordan Payments & Clearing Company, stated: “Our partnership with Visa extends beyond a mere collaboration; it is a dedication to driving meaningful change in Jordan’s fintech landscape. Together, we’re not only empowering fintech startups to thrive, but we’re also sparking a culture of innovation across the industry.”

Industry sources also added that Visa has been a key partner for fintechs, bringing sophisticated technologies, security, and reliability to the sector. As part of this collaboration, Visa and JoPACC will further explore opportunities for cross-border remittance solutions on the Visa Direct platform. The partnership aligns with the Central Bank of Jordan’s Fintech and Innovation Vision and Economic Modernization Vision, which recognizes the pivotal role that fintech and innovations play in shaping economies.

In addition to the partnership with JoPACC, Visa has many ongoing partnerships in place to foster fintech enablement and financial inclusion programs. In April, Visa partnered with the Central Bank of Jordan for Visa Everywhere Initiative, an open innovation program that helps startups unlock new opportunities and a global platform to demonstrate ground-breaking solutions to payment and commerce challenges.

Recently, Visa sponsored the launch of the Fintech Academy Jordan and renewed its partnership with the Institute of Banking Studies. This collaboration offers mentorship, expertise, and resources to fintechs, empowering them to thrive and unleash their creative potential. Additionally, Visa signed an MoU with the Jordan-based fintech Numa to further foster financial inclusion and support fintechs and freelancers in Jordan and the wider MENA region.

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