Members News

JOIN Fincubator, JoPACC’s newly established fintech incubator, has successfully hosted its first fintech hackathon: MSME Masterminds. The hackathon was organized in collaboration with the Open Bank Project and was sponsored by the GIZ Implemented Project: Innovative Approaches for the Financial Inclusion of MSMEs In Jordan (I-FIN). The hackathon lasted for 72 hours and took place in Amman, Jordan, bringing together 69 participants from different governorates who formed 23 diverse teams that included students, business developers, coders, designers, and entrepreneurs.

Over the course of three days, the teams enthusiastically attended several sessions offered by experienced mentors who provided guidance and support throughout the hackathon. These sessions included an API workshop, a UX clinic, and pitch training to ensure that teams were well-equipped to address at least one of the five main challenges highlighted by the hackathon which attempted to drive access to financial services for micro, small, and medium-sized (MSMEs). The five challenges were:

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).

The teams pitched their ideas and minimum viable products (MVPs) to an impressive line-up of judges who included: Ms. Muna Sukhtian, Dr. Ashraf Bany Mohammad, Mr. Mohammad Badwan, Mr. Simon Redfern, Mr. Abe Seksek, and Mr. Tarek Aqel, who judged the teams according to various criteria; mainly the viability and relevance of the idea, its ability to make an actual impact by solving real problems, and the way it was pitched. The three winners of the hackathon, Project Moon in first place, Blockexe in second, and Step Jo in third, were awarded cash prizes of JOD 10,000, 5,000, 2,500 respectively, but most importantly won the opportunity to be incubated within JOIN Fincubator to further develop their solutions.

On her part, Ms. Maha Bahou, CEO of JoPACC, stated: “JOIN’s mission is to increase products, services, and investments in the Jordanian fintech ecosystem by supporting fintech innovators to ideate, create, validate, and graduate their solutions. I was blown away by the creativity and innovation displayed by the teams, and it was so inspiring to see so many talented individuals come together from across the Kingdom to address some of the biggest challenges facing MSMEs’ access to finance. And while this hackathon tackled the ideation phase, I cannot wait to see what progress our winners will make after graduating from our incubation program.”

As the exclusive sponsor of the hackathon, Mr. Ulrich Hess, I-FIN Team Leader, additionally added: “JoPACC’s first hackathon was a great success in promoting innovative and practical financial solutions for real-life challenges faced by MSMEs in Jordan. Congratulations to all participants and winners! We’re thrilled to continue the journey with JoPACC towards advancing MSMEs’ financial inclusion.” Commissioned by the Federal Ministry for Economic Cooperation and Development (BMZ), the I-FIN project promotes innovations on the regulatory, supply, and demand sides of the finance market for MSMEs, and also focuses on the challenges and needs of women-led MSMEs and promotes products and services that serve their specific needs.

Mr. Simon Redfern, CEO of the Open Bank Project, and one of the judges on the judging panel said: “events like these really help spur the fintech ecosystem and they’re great for drawing out game-changing solutions in little time. Organizations such as JoPACC that drive these kinds of interactions with innovators are contributing towards a more digital and inclusive Jordanian financial system. We saw a peak of 7000 API calls an hour with the teams making wide-ranging use of the Open Bank Project API platform.” The Open Bank Project is the global standard and leading open-source API Platform for Open Banking. It empowers financial institutions to enhance their digital offerings using an ecosystem of 3rd party applications and services rapidly and securely.

Launched in November 2022, JOIN Fincubator plans to host more fintech hackathons in the future as part of its commitment to promoting innovation and collaboration in the Jordanian fintech scene.

A new report from Arab Advisors Group has been released to provide a business analysis of the four MENA-based pay TV providers targeting the Arab World. Arab Advisors Group analyzed a historical comparison of the airtime, packages and fees, content and channels, and interactive services of the satellite pay TV providers under study for the duration between 2014 and 2022. In addition, the report analyses satellite pay TVs’ response to its competitive forces in the region.

Satellite pay TV providers need to reshape their business models in response to competitive forces and digitization of the broadcasting industry. According to Arab Advisors Group’s report, MENA’s satellite pay TV providers’ respond was fourfold. The MENA-based satellite pay TV providers which cater to the Arab World launched their own OTT streaming applications, launched multi-screen platforms, implemented price segmentation to their offerings, and entered into partnerships with telecom operators to provide telecom subscribers with their offerings, bundled with telecom services.

Arab Advisors Group analyzed the four satellite pay TV providers (Al Majd, beIN, GOBX, and OSN) from 2014 to 2022, building on our previously published reports. This report includes a historical comparison of the airtime, packages and fees, content and channels, and interactive services of the four satellite pay TV providers. On the fees front, three of the four providers under study increased its monthly average package fees in 2022, in comparison to their average fees in 2016. As for their airtime, one satellite pay TV’s provide airtime dropped in 2022 by around 39%, compared to its airtime in 2016; the remaining providers witnessed an increase in their airtime during 2022, compared to their airtime in 2016.  

Arab Advisors Group released a new report: “A Business Analysis of MENA Satellite Pay TV Sector and its Competitive Forces 2022”. The report, which was released in January 2023, answers the following questions:

• What is satellite pay TV providers’ offerings in the MENA?
• How did satellite pay TV providers alter their fees for the period between 2014 and 2022?
• What are the changes in the Satellite pay TV providers’ channels and airtime for the period between 2014 and 2022?
• What are the genres and languages of satellite pay TV channels catering to MENA during the period under study?
• How do pay TV providers’ streaming applications and multi-screen platforms compare across MENA during the analysis period?
• Who are satellite pay TV’s competitive forces in the region?

Please contact Arab Advisors Group for more details or to get a copy of the report’s Table of Contents.

The report was released to Arab Advisors Group’s subscribers and can be purchased for a fee of US$ 5,200.

Arab Advisors Group’s team of analysts in the region produced over 5,500 reports on the Arab World’s communications, media and financial markets. The reports can be purchased individually or received through an annual subscription to Arab Advisors Group’s (www.arabadvisors.com) Strategic Research Services (Media and Telecom).

To date, Arab Advisors Group serves over 945 global and regional companies by providing reliable research analysis and forecasts of Arab communications markets to these clients. Some of our clients can be viewed on https://arabadvisors.com/client-list

Estarta held its annual International Women’s Day event on Friday, March 3rd, at the Four Seasons Hotel Amman. The evening was a huge success, filled with inspiring speeches, personal stories, and fun activities.

Amira ElAli, the MC and the Head of Public Relations and Women Empowerment Committee, launched the event with a few words, setting the atmosphere for the night. The CEO, Mutaz H. Nabulsi, and the Chairman, Leith Al Masri, followed suit with a few words of their own, expressing their appreciation and respect for the women of Estarta.

The highlight of the event was the panel that was held exclusively by Estartan ladies. They shared personal and inspirational stories of the challenges they faced as well as their successes, and how Estarta supported and empowered them to be where they are today.

Estarta also awarded certificates to the “most influential female” on each team as a way of acknowledging and celebrating the successes of its female employees.

To sum up, the night was a true testament to the culture of Estarta as a company that values women’s empowerment, diversity, and inclusion. As it were, Estarta currently has over 1500 employees, 45% of whom are female!

In a ceremony attended by representatives from both parties, the Housing Bank signed an agreement to promote green financing with CRIF Information Technology Solutions, part of CRIF Spa. International Group.
The agreement allows the Housing Bank and its clients from enterprises with various business sizes to benefit from Synesgy, a digital platform that evaluates companies based on environmental, social, and governance (ESG) criteria. This step is in line with national efforts that work towards adopting top standards in regards to environmental, community and governance practices, which is considered one of the most important outcomes of the Jordan Strategy Forum 2022 Jordan Strategy Forum – منتدى الاستراتيجيات الأردني , in addition to the Central Bank of Jordan’s efforts to adopt green finance strategies.
The agreement was signed by Vasken Ajemian, Housing Bank’s Chief Banking Officer, and Areej Obeidat, CRIF ITS’ Branch Manager. Commenting on the occasion Ajemian said, “We are proud of our partnership with CRIF ITS as a strategic partner within the bank’s plan to apply and adopt environmental, social, and governance sustainability standards through Synesgy®.”
He added, “This agreement comes as part of the Housing Bank’s commitments and strategic plans in issuing annual sustainability reports. In addition to raising the readiness of credit policies and sustainable trade financing strategies, choosing supply chains and risk management, and financing small and medium enterprises (SMEs) in addition to large companies.”
Furthermore, Mrs. Areej Obeidat commented on this agreement, saying, “I am proud of our partnership with Housing Bank. As one of the largest banking institutions in the Jordanian banking market, our partnership is playing a significant and effective impact in spreading awareness to adopt top standards in environmental, social, and governance (ESG) practices within the banking and commercial sector in Jordan.”
It is worth to mention that sustainable and green finance are receiving much attention recently, which refers to financing and investment procedures that consider environmental, social, and governance implications. Companies, around the world, that adhere to sustainability standards, typically perform better, and lead to longer investments than others, when environmental, social, and governance practices are put into consideration when making decisions.

وقّع بنك الاسكان اتفاقية لتعزيز التمويل الأخضر مع شركة كريف لحلول تكنولوجيا المعلومات (CRIF ITS) وهي شركة تابعة لمجموعة كريف العالمية، وكان ذلك في مبنى الإدارة العامة لبنك الإسكان – الشميساني بحضور ممثلين عن الطرفين.

وتتيح الاتفاقية لبنك الإسكان وعملائه من الشركات الصغيرة والمتوسطة والكبرى الاستفادة من منصة Synesgy الرقمية، والتي تعمل على تقييم هذه الشركات على أساس المعايير البيئية والاجتماعية والحوكمة، تماشياً مع الجهود الوطنية لتبني معايير الممارسات البيئية والمجتمعية والحوكمة (ESG) باعتبارها أحد أهم مخرجات منتدى الاستراتيجيات الأردني، وبالتزامن مع جهود البنك المركزي الأردني لتبني استراتيجيات التمويل الأخضر.  

وقام بتوقيع الاتفاقية كل من رئيس مجموعة الأعمال المصرفية في بنك الإسكان فاسكين أجميان، ومديرة منطقة الأردن في شركة كريف لحلول تكنولوجيا المعلومات أريج عبيدات. وقال أجميان: “نعتز بشراكتنا مع شركة كريف لحلول تكنولوجيا المعلومات كشريك استراتيجي ضمن خطة البنك في تطبيق وتبني معايير الاستدامة البيئية والاجتماعية والحوكمة من خلال منصة Synesgy الرقمية”.

وأضاف أجميان “تأتي هذه الاتفاقية كجزء من التزامات بنك الإسكان وخططه الاستراتيجية في اصدار تقارير الاستدامة السنوية، بالإضافة الى رفع جاهزية سياسات الائتمان واستراتيجيات التمويل التجاري الاخضر واختيار سلاسل التوريد وإدارة المخاطر وتمويل الشركات الصغيرة والمتوسطة (SMEs) بالإضافة إلى الشركات الكبرى”.

وحول هذه الاتفاقية، قالت السيدة أريج عبيدات: “فخورة بشراكتنا مع بنك الإسكان كأحد كبرى المؤسسات المصرفية في السوق المصرفي الأردني، وشراكتنا معه تشكل أثراً كبيراً وفعالاً في نشر الوعي لتبني معايير الممارسات البيئية والمجتمعية والحوكمة (ESG) ضمن القطاع المصرفي والتجاري في الأردن “.

من الجدير بالذكر أن التمويل المستدام، والذي يشير إلى عمليات التمويل والاستثمار التي تأخذ بعين الاعتبار الآثار البيئية والاجتماعية والحوكمة، اكتسب الكثير من الاهتمام في السنوات الأخيرة، حيث أصبحت العديد من الشركات في جميع أنحاء العالم تبحث عن حلول تساعدها في التمسك بركائز الاستدامة حيث أنها أصبحت ضرورة، كما أن الشركات التي تراعي المعايير البيئية والاجتماعية والحوكمة في اتخاذ قراراتها عادةً ما يكون أداءها أفضل وتقود استثمارات أطول مقارنة بغيرها.