Media ININ Economy We Trust
Media In / Agencies / Amman 2 April 2018
On Monday, the Governor of the Central Bank of Jordan, Dr. Ziad Fariz, announced the establishment of the FinTech Regulatory Sandbox at the First Forum on Financial Technology Policies, which was held in Amman today with the participation of about 100 representatives from the financial, banking and technological sectors in Jordan. In addition to the participation of about 100 representatives of 54 central banks from around the world and the participation of financial policy makers from more than one international organization and body.
The regulatory laboratory is a safe, controlled, controlled and controlled trial environment that allows businesses and entrepreneurs to test and test innovative financial technology products and services developed by them without being directly subject to regulatory and regulatory requirements and charging legal costs at the beginning of their careers or helping them reach the local market. Accelerating their business.
The Organizational Laboratory provides the necessary guidance to reach the various technological channels and incubators in Jordan in order to obtain the necessary support and funding.
The organizational laboratory aims at achieving a set of objectives, including making Jordan a regional platform for financial technology and contributing to the construction of an incubator center to develop the capabilities of the pioneers and innovators in terms of services, products or digital financial solutions, and to create a specialized environment for the development and development of the Sandbox business, (Regulatory Sandbox) in the Hashemite Kingdom of Jordan.
As for the target groups of this initiative, Dr. Faris pointed out that it targets all banks operating in the Kingdom, financial institutions licensed by the Central Bank of Jordan, financial institutions that provide services within the same targeted sector and not licensed by the Central Bank, Entrepreneurs, or market workers, individuals with entrepreneurial ideas and innovation in financial technology.
The Governor of the Central Bank of Jordan emphasized the governance of the selection criteria for applications submitted for acceptance in the organizational laboratory within clear and clear criteria and within clear and transparent policies and procedures. These standards include the use of new technologies or the use of the same technology but in different creative ways. The efficiency and / or effectiveness of the use of the services, products or financial solutions provided, and the possibility of developing such services on a large scale and comprehensive in the Kingdom after success in the laboratory (Sandbox), and identify the risks related to the idea and the existence of a clear plan for D of them, and the existence of a strategy and a clear plan of comprehensive application.
