The Jordan Payments and Clearing Company (JoPACC) has partnered with Rainmaking Innovation to kickstart the operations of its new fintech incubator, JOIN Fincubator. This collaboration was formalised with the signing of an agreement by Maha Bahou, CEO of JoPACC, and Ibrahim Seksek, CEO of Rainmaking Innovation MENA. The aim is to help foster the growth of fintech startups and ideas within the Jordanian market, according to a statement released by JoPACC.
This new venture marks one of Rainmaking’s first major initiatives in Jordan, and it reflects the company’s long-term commitment to nurturing entrepreneurship in both Jordan and the wider MENA region. As part of this vision, Rainmaking is focused on facilitating corporate innovation and developing startup-corporate partnerships to drive continuous growth in the region’s digital economy.
The JOIN Fincubator initiative was first announced during the 20th edition of the MENA ICT Forum in November 2022 by Adel Sharkas, the governor of the Central Bank of Jordan and chairman of JoPACC. With its launch, JOIN Fincubator aims to provide crucial support for startups, financial institutions, investors, and students in Jordan and across the MENA region.
The incubator is designed to address the growing demand for a centralised platform where fintech startups, enterprises, and financial institutions can develop and test their ideas. According to JoPACC, JOIN Fincubator will act as a hub that accelerates product development while providing participants with a comprehensive space for testing and refining their innovations. This effort is seen as a key step in building a thriving ecosystem for fintech entrepreneurs in Jordan.
The programme will be supported by Startupbootcamp, a globally renowned accelerator that is part of Rainmaking Innovation. Startupbootcamp is recognised as one of the top five accelerators worldwide and is expected to play a pivotal role in the incubator’s success.
Ibrahim Seksek commented on the significance of the partnership, saying: “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 JOIN Fincubator will be a key driver of innovation and growth in Jordan and the broader MENA region’s digital economy.”
Maha Bahou, CEO of JoPACC, highlighted the important role that Rainmaking would play in the creation, acceleration, and expansion of fintech businesses at JOIN Fincubator. She also emphasised the valuable exposure that startups participating in the programme would gain through Startupbootcamp’s extensive global network of experts, entrepreneurs, and startups.
JoPACC, a private company owned by the Central Bank of Jordan and the country’s commercial banks, has long been a driving force behind the development of Jordan’s financial sector. The partnership with Rainmaking Innovation marks a new chapter in its efforts to foster innovation in the fintech space.
Rainmaking, established in Copenhagen, Denmark, is one of the world’s leading corporate innovation firms. With offices in major global tech hubs such as London, Dubai, Singapore, New York, and Copenhagen, Rainmaking brings a wealth of expertise and experience to the table. This collaboration promises to play a crucial role in advancing the fintech ecosystem in Jordan and beyond.