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Compliance Challenges in Fintech in Jordan: A Call to Action for Regulators and Stakeholders

The financial sector in Jordan has made significant strides in embracing technology, with fintech playing a crucial role in improving and automating financial services. However, the growth of this sector is hindered by the lack of a comprehensive regulatory framework.

Regulatory Framework

One of the major fintech legal frameworks in Jordan is the Central Bank of Jordan’s (CBJ) Instructions for Electronic Banking Operations, Payment Systems, and Electronic Payment Services No. 23 of 2017. This framework provides regulatory oversight over electronic banking operations, payment systems, and electronic payment services rendered by payment service providers.

Gaps in the Legal Framework

Despite this progress, there are still gaps in the legal framework that create uncertainty for fintech companies operating in Jordan. The lack of clarity on rules and licenses needed to operate can make it difficult for startups to innovate and bring new products to the market quickly.

Positive Developments

The CBJ has also issued regulations for electronic payment services, which set out requirements for companies providing these services, including licensing, capital, and customer protection rules. Additionally, the establishment of a regulatory sandbox by the CBJ in 2019 allows fintech startups to test their products and services in a controlled environment without having to comply with all usual regulatory requirements.

Challenges Facing Fintech in Jordan

• Data Protection: There is currently no specific data protection law in Jordan that applies to fintech companies, making it difficult for them to know what measures they need to take to protect customer data.
• Cybersecurity: As more financial transactions move online, the risk of cyberattacks increases, and fintech companies must take steps to protect their systems from hacking attempts and other cyber threats. However, there is currently no specific cybersecurity law in Jordan that applies to fintech companies.
• Intellectual Property: Fintech companies often rely on proprietary technology and software to provide their services, but there is currently no specific law in Jordan that governs intellectual property rights related to fintech.

Call to Action

To ensure the sustainability and growth of fintech in Jordan, addressing these legal issues will require collaboration between regulators, industry stakeholders, and policymakers to create a supportive environment for fintech innovation.