JoPACC sets up fintech incubator
Jordan Payments and Clearing Company (JoPACC) and Rainmaking Innovation have signed an agreement to mark the start of the programs of JoPACC’s newly established fintech incubator, JOIN Fincubator, which will support the development and pursuit of fintech ideas and startups in the Jordanian ecosystem.
The agreement, which was signed in Amman by Maha Bahou, CEO of JoPACC, and Mr. Ibrahim Seksek, CEO of Rainmaking Innovation MENA, creates a strategic partnership between Rainmaking Innovation and JoPACC’s JOIN Fincubator to be one of Rainmaking’s first initiatives in Jordan market. The agreement comes as part of a long-term vision of Rainmaking to unleash perpetual entrepreneurship in Jordan and the MENA region and form corporate innovation and start-up business partnerships.
The launch of the JOIN Fincubator was first announced during the proceedings of the 20th edition of the MENA ICT Forum, in November 2022, by Dr. Adel Sharkas, Governor of the Central Bank of Jordan and Chairman of JoPACC. JOIN Fincubator targets startups, financial institutions, students and investors in Jordan and the MENA region who can benefit from developing fintech products and solutions and contribute to the development, enrichment and expansion of Jordan’s digital economy.
To address Jordan’s financial ecosystem’s growing need for a centralized environment for fintech startups, companies and financial institutions to test and develop their ideas, JOIN Fincubator intends to be a central hub for fintech entrepreneurs, with the aim of accelerating product development and provide participants with a comprehensive test and development platform. JOIN Fincubator programs will be supported by Startupbootcamp, a Rainmaking Innovation company considered one of the top five accelerators in the world.
Furthermore, in collaboration with Rainmaking, JOIN’s platforms, infrastructure, mentors and partners will establish an ecosystem where startups and financial institutions can receive adequate resources and industry expertise. The channels can be used for networking, relationship building, partnership formation, transfer programs, conferences and events.
Commenting on the launch of the JOIN Fincubator in Jordan, Rainmaking MENA CEO Ibrahim Seksek said: “This collaboration with JoPACC is a testament to Startupbootcamp’s expertise in fintech and our commitment to fostering entrepreneurship in the Jordanian ecosystem. We believe that the JOIN Fincubator will be a key driver of innovation and growth in Jordan and the wider MENA region’s digital economy.”
On her part, JoPACC’s CEO, Maha Bahou, expressed her excitement for the new partnership with Rainmaking, a regional leader in business innovation and venture development across the Middle East. Ms. Bahou emphasized the critical role Rainmaking will play in supporting the creation, acceleration and expansion of new fintech businesses at the JOIN Fincubator, and emphasized the valuable exposure that JOIN’s cohorts will gain from Startupbootcamp’s global network of experts, startups and entrepreneurs.
