Jordan Advances Open Banking Initiatives to Boost Fintech Innovation
Jordan is advancing its open banking initiatives as part of a broader strategy to enhance competition and innovation within its financial sector. The Central Bank of Jordan (CBJ) is encouraging banks to adopt APIs and collaborate with fintech companies. This move is part of Jordan's Financial Inclusion Strategy (2023-2028), which aims to expand access to financial services, particularly for women, youth, and small and medium enterprises (SMEs). The country's fintech ecosystem, though relatively small, is expanding with approximately 200 fintech companies operating in areas such as payments, lending, insurtech, and digital banking. Notable fintech firms include MadfooatCom, Liwwa, and Dinarak. These efforts are part of Jordan's broader economic modernization strategy, leveraging digital innovation to overcome resource constraints and position itself as a regional fintech hub. 
