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Ammon News - The achievements report for the first half of 2024 under the Economic Modernization Vision's executive program has provided key insights into the advancements within the financial services sector.

The report highlighted the launch of the National Financial Inclusion Strategy (2023-2027), with efforts currently focused on finalizing the action plans for the strategy, supported technically by the World Bank. This includes completing approval procedures and implementing follow-up and evaluation models for these action plans.

Additionally, the report detailed the introduction of a communication and brand strategy for financial technology and innovation. This initiative aims to balance promoting innovation and development in financial technology while safeguarding the market from unwarranted risks.

To enhance the exchange sector's contribution to financial inclusion, a new channel has been established for licensed exchange companies to propose ideas and requests for new digital services. A circular was issued for submissions, and the Central Bank of Jordan has received and completed the review of two such requests.

The report also noted that a draft bill for insurance contracts has been prepared to serve as a comprehensive guide for the insurance process. This includes regulating insurance contract provisions, party obligations, and judicial interpretations. Consultation with stakeholders has concluded, and feedback from insurance companies on the draft law is currently being reviewed.

In addition, an electronic wallet service has been launched via a free smartphone application available on Google Play and the App Store. This service allows investors to manage their accounts, view securities ownership, and track transactions with ease. To date, 2,187 users have subscribed to the updated version of this service.

Furthermore, the Amman Stock Exchange's electronic trading simulation lab at Mutah University has been inaugurated. This facility offers students practical experience in financial concepts, particularly electronic trading of Jordanian market shares.

It also serves as an educational resource for the university's College of Business, supporting new programs such as financial technology and risk management, and future specialized professional programs. Petra