Members News

The Jordan Payments and Clearing Company (JoPACC) and Al-Aman Fund for the Future of Orphans have signed a memorandum of understanding (MoU) that aims to train trainers (ToT) on digital financial services and promote their financial literacy, who will then conduct training sessions for the center’s beneficiaries through programs coordinated by the Al-Aman Fund. Additionally, this collaboration will provide awareness sessions on financial technology (FinTech) and innovation for the center’s beneficiaries, which will be held through JoPACC’s JOIN Fincubator. The signing of this MoU comes as part of JoPACC’s strategic pillar of enhancing access to, adoption, and usage of digital financial services and aligns with Al-Aman Fund’s vision for “providing orphaned youth with a better future and helping them become fully independent.”

The signing ceremony was attended by Her Excellency Ms. Maha Bahou, CEO of JoPACC, and Ms. Nour Homoud, General Manager of Al-Aman Fund for the Future of Orphans, along with representatives from both institutions who will work together to implement the terms of this MoU.

It is worth mentioning that JoPACC has created specialized training material aimed at disseminating knowledge about digital financial services and promoting their adoption. Collaborating with various national institutions, including universities, government entities, and civil society organizations, JoPACC endeavors to expand its outreach to marginalized segments and provide targeted training on digital financial services, which offer a range of benefits such as significant reductions in time, effort, and costs for users, thereby fostering the imperative goal of digital financial inclusion.

Emphasizing the significance of this partnership, Ms. Maha Bahou, CEO of JoPACC, conveyed her pride, stating: “We believe that access to digital financial services is a fundamental right, and we are committed to promoting digital financial inclusion in Jordan, with a specific emphasis on supporting the less privileged segments. This commitment not only enhances their resilience but also equips them to navigate crises effectively. Our collaboration with Al-Aman Fund for the Future of Orphans brings us immense pride, recognizing its pioneering social role in securing the future of orphans. We are delighted to contribute, even in a modest capacity, to this significant achievement by empowering the Fund’s beneficiaries with the knowledge and skills essential for active engagement in the realm of financial technology”.

Commenting on the collaboration, Ms. Nour Homoud, General Manager of Al-Aman Fund for the Future of Orphans, added: “At Al-Aman Fund, we are committed to establishing partnerships that help us improve our programs and empower our youth. We are particularly proud of our collaboration with JoPACC, a leading company in the field of digital financial services. This partnership is a crucial element in our efforts to provide digital financial training to youth and enhance their entrepreneurial thinking. Furthermore, through JoPACC’s Fintech incubator, young entrepreneurs are encouraged to develop innovative technological solutions that can transform the financial landscape. We are excited about the opportunities this partnership will create for knowledge sharing, innovation, and leadership development.”

As per the MoU, JoPACC will initiate the implementation of the ToT program within the next month, followed by the fund’s trainers conducting training courses throughout the year.

Following the successes of Orange Social Venture Prize over the past 7 years in highlighting and honoring community-driven projects with sustainable impacts on health, trade, industry and education sectors, Orange Jordan announced that the registration is open for the 8^th edition of the prize in its local version for the year 2024.

Based on the award’s criteria, entrepreneurial projects that harness technology with the aim of addressing the society-related challenges are invited to register and participate to get the chance of winning prizes that are worth JD 5,000 in the local version, and Euros 25,000 in the global one, noting that the deadline for submissions is May 26^th, 2024.

Commenting on the launch of the 8^th edition of the award, Orange Jordan emphasized its importance given its crucial role in celebrating projects that employ new technologies for the best interests of the individuals and communities alike. The award encourages youth’s effective contribution to the growth journey of their local communities and consequently of their country.

Those who are interested to participate can apply through the following link: https://lnkd.in/gDfGnTFx to showcase the positive impact of their entrepreneurial projects on various levels.

It is worth mentioning that the participants’ projects are evaluated by a jury consisting of experts in entrepreneurship and technology sectors, and winning projects of the local edition are eligible to participate in the international one allowing them to gain a global exposure.

The International Islamic Bank (IMTB) announces the successful completion of goAML Project, which went live recently at the bank. The system complies with the UNDOC requirements to combat money laundering and terrorist financing.

THE CHALLENGE:

Generating goAML reports in the IMTB requires automation and preparation of data that is either uncollected or resides in multiple business areas, as well as how to collect and manage the necessary data, which led IMTB to select the goAML compliance system from Pio-Tech.

THE SOLUTION: 

Pio-Tech goAML compliance system helped IMTB adapt to the changing regulations efficiently, balancing the main challenges facing compliance units, minimizing the pressure to meet regulators’ timelines to deploy goAML, and providing the requested reports in the format preset by the regulator under the guidelines of the UNDOC.

KEY BENEFITS:

As CEO of the International Islamic Bank (IMTB), Mrs.Suha Zaki Alkifaee, I’ve witnessed firsthand the transformative impact of the Pio-Tech goAML System on our operations. This implementation has been a game-changer, elevating our functionality in mapping report entries to data sources and ensuring our reports are generated with unparalleled accuracy and efficiency. The system seamlessly aligns with our vision, enhancing our capability to implement swiftly while minimizing the time and effort required.

The Pio-Tech goAML System stands out for its:

• Comprehensive array of adjusting, monitoring, and validation utilities, guaranteeing that our reports are not only generated correctly but also reflect our commitment to precision and excellence.
• Innovative automated report-generating engine, enabling our team to effortlessly produce reports in multiple formats, thereby improving our responsiveness and flexibility in service delivery.
• Detailed and comprehensive data model, meticulously crafted to ensure the collection of proper and relevant information, reinforcing our compliance and reporting integrity.
• These components have been instrumental in streamlining our reporting processes, allowing us to dedicate more resources towards achieving our strategic goals. The goAML System from Pio-Tech isn’t merely a tool; it’s a cornerstone of our pursuit of operational excellence and a reflection of our unwavering dedication to maintaining the highest standards of efficiency and regulatory compliance.

The International Islamic Bank (IMTB) is one of the leading banks in Iraq. It is officially registered by the Central Bank of Iraq to deliver banking services. Its headquarters are in Baghdad, and its branches are expanded nationwide.

Petra Mobile Payment Service Company (Orange Money) and the Jordan Post Company joined their efforts to boost digital financial services in Jordan. Both parties have signed an agreement to provide mobile payment-related services to Orange Money’s customers directly.

The agreement was signed by the Chairman of the Board of Directors, Eng. Sami Smeirat on behalf of Petra Mobile Payment Service Company, and the Jordan Post Company’s Acting Director General, Hanadi Al-Tayeb, in the presence of the Chairman of the Board of Directors of the Jordan Post Company, Sami Kamel Al-Daoud, the General Manager of Orange Money, Eng. Hiba Al-Shareef, and the Executive Director Wilfried Yver.

The agreement will allow both parties to elevate the digital financial experience of the customers. It will serve as a gateway for the Jordan Post Company’s customers to a complete world of financial transactions, such as withdrawal and deposit services, that is one click away and starts with opening accounts on the Orange Money Wallet. The customers will be able as well to link their visa companion cards to the wallet to easily perform transactions, and will be able to transfer money locally through the CliQ system and internationally through the App. Through their opened accounts on the wallet, the customers can also pay their bills, recharge their prepaid lines, and has full access to eFAWATEERcom.

This agreement falls under the efforts of both parties to enhance the fast-growing financial technology scene in Jordan. Such growth is represented in the number of e-wallet users in Jordan which reached 2.17 million, in addition to 1.2 million bank accounts linked to the instant payment system for the year 2023. The value of transactions executed through the instant payment system amounted to JD 8.2 billion, whether through e-wallets or through CliQ accounts. Moreover, the number of opened accounts on the Orange Money wallet reached one million users, and it dominated the local market when it comes to the number of financial transactions executed through the wallet.

Following the signing of the agreement, Eng. Sami Smeirat pointed out that the ever-evolving financial sector that is coupled by the great leap forward that the sector adopted put an increasing responsibility on the shoulders of the national institutions to build on these achievements. All this is being done while keeping pace with the latest developments in the global scene, stressing the importance of partnerships with esteemed organizations such as the Jordan Post to ensure that this vision is put into practice.

From her side, Hanadi Al-Tayeb asserted that this step is consistent with the Jordan Post’s endeavors to modernize its services provided to customers, especially the financial ones in light of the Company’s recent announcement about offering services related to the Postal Saving Fund including opening accounts, and making withdrawals and deposits easily and quickly.

Al-Tayeb further added that collaborating with Orange Jordan through Orange Money supports the initiatives of the Jordan Post, which fall under the financial inclusion national vision.