Amman, July 2024: AHLI FINTECH – a fully owned subsidiary of Jordan Ahli Bank – has hosted its first ‘Demo Day’ to commemorate nine outstanding fintech startups that completed the first and second wave of its accelerator program.
The event was held under the patronage of H.E. Dr. Adel Al-Sharkas, Governor of the Central Bank of Jordan (CBJ), in the presence of H.E. Ahmad Hanandeh, Minister of Digital Economy and Entrepreneurship, alongside several former ministers. Also in attendance were leaders and executives from Jordan’s financial sector; regional and local investors, including venture capital firms and angel investors; influential figures actively supporting and developing the entrepreneurial and fintech ecosystem; as well as senior CBJ officials.
The event brought together participants from the first and second cohorts of the AHLI FINTECH accelerator program. Each startup was presented with the opportunity to be spotlighted on stage in front of an audience of over 250 guests, delivering their pitch to prominent investors and strategic partners. After the main event, both startups and attendees engaged in a productive networking session. Every startup had their own booth to discuss and demo their innovative fintech solutions in further detail to interested investors and partners. The participating startups included askPepper, Capifly, Fintech Galaxy, InvoiceQ, QuiqClaim, Repzo, Simma, Whyise and zypl.ai – all of which are poised to positively influence the financial services sector.
In his address, ceremony patron, H.E. Dr. Al-Sharkas, commended the efforts of the organizers of the event, which featured presentations by fintech startup founders. He reiterated the CBJ’s dedication to supporting entrepreneurs specializing in financial solutions and banking services in Jordan, noting the noteworthy local and regional achievements of multiple startups that have made a significant impact.
In turn, H.E. Hanandeh asserted Jordan’s pride in its pioneering role within the fintech sector, highlighting the continuous development and numerous successes since the establishment of the first local fintech company nearly 35 years ago and to date.
H.E. Hanandeh explained that the Jordanian banking sector continues to evolve, fostering creativity and innovative ideas, supported by a robust local infrastructure that strongly backs advancements within the fintech domain.
On his part, Mr. Saad Mouasher, Chairman of the Board of Directors of Jordan Ahli Bank, elaborated that the future of the fintech sector is promising for startups, underscoring the transformative impact of the fintech revolution on the global financial landscape and emphasizing Jordan Ahli Bank as a local leader supporting specialized fintech entrepreneurs through its AHLI FINTECH accelerator.
Referencing a report published by McKinsey, Mr. Mouasher stated that, in 2023, publicly traded fintech companies represented a market capitalization of USD 550 billion, indicating a two-fold increase in value from 2019. He further added that privately held fintech companies reached a combined value of nearly USD 1 trillion, recording a seven-fold growth in value within five years. Mr. Mouasher reiterated that, according to McKinsey estimates, fintech revenue growth is projected to outpace the overall banking services sector by three-fold within the upcoming four years, with the Middle East leading globally in expected revenue growth for emerging fintech companies, with an annual surge of 35%.
Mr. Mouasher concluded his speech by noting the remarkable success of numerous fintech startups worldwide, surpassing billion-dollar valuations and earning the prestigious title, as recognized in the investment capital world, of ‘unicorn’ – which signifies extremely rare entities boasting incredible success. He asserted that it is now time for one of Jordan’s specialized fintech startups to attain this level of triumph, becoming a billion-dollar ‘unicorn’ company.
Jordan Ahli Bank CEO and AHLI FINTECH Chairman, Dr. Ahmad Al-Hussein, proudly acknowledged the accomplishments of young entrepreneurs from the first and second cohorts who benefited from direct support through the AHLI FINTECH accelerator. He affirmed that the ‘Demo Day’ closing ceremony aligns with Jordan Ahli Bank’s steadfast commitment to supporting startups and small businesses, presenting investment opportunities and inspiring Jordanian youth to pursue their innovative concepts, thus generating employment opportunities and advancing socioeconomic development across Jordan.
AHLI FINTECH incubates and accelerates early- to seed-stage fintech startups with up to USD 200,000 in startup capital, enabling access to Jordan Ahli Bank customers, fintech specialists, innovation experts and open-banking APIs to validate, deploy and scale customer-facing solutions at speed in Jordan and the MENA region. Its vision is to promote the fintech ecosystem and establish Jordan as a regional hub for fintech innovation.
