Dr. Hamza Alakaleek

While closely observing Indonesia’s remarkable digital miracle and its fintech-driven transformation not long ago, a quiet revolution measured in code, data processing speed, and financial inclusion, I found myself asking a pressing question: could such a successful model emerge in Jordan? The answer arrived sooner than expected. Days later, the Central Bank of Jordan invited me to witness two national models that provided a clear response and confirmed that the Kingdom is moving confidently in the right direction. On one hand, I observed the initiatives of the Jordan Payments and Clearing Company, JoPACC,. On the other, I examined the achievements of the Financial Cyber Incident Response Team, Fin-CIRT, operating within the Central Bank’s ecosystem.

Together, these two models demonstrate that Jordan has progressed in transforming its youth from passive technology consumers into active creators and innovators. Equipped with advanced cybersecurity standards and strong data governance frameworks, young Jordanians are redefining the smartphone in the citizen’s hand, turning it into a mobile bank and a genuine engine for inclusive economic growth.

Indonesia’s fintech explosion did not occur by chance. It was the result of strategic alignment between advanced digital infrastructure and a flexible regulatory environment capable of accommodating the aspirations of more than 280 million people. Jordan today stands at the threshold of a similar transformation. Recent initiatives reflect a clear understanding that technological sovereignty is the ultimate guarantee of financial stability in the twenty-first century.

Indonesia is now regarded as a global case study in leapfrogging traditional development stages. While advanced economies spent decades building conventional banking systems, Indonesia moved directly toward digital financial services. The secret behind its fintech boom lies in unification. Years ago, payment systems were fragmented until Bank Indonesia launched the unified QR code standard, QRIS. This enabled any merchant, even small street vendors, to accept payments from any financial application. The system simplified daily transactions and brought millions into the formal financial system.

Jordan’s context differs in detail but mirrors the same ambition. The CBJ, long known as the guardian of monetary stability, has evolved into a driver of innovation. A recent graduation ceremony held under JoPACC’s patronage was not merely symbolic. It represented a declaration of digital independence, as young developers presented practical solutions addressing real economic needs.

Inviting bank chief executives to attend this event was a strategically astute decision. In Indonesia, banks initially viewed fintech firms with caution, but that relationship evolved into partnership. In Jordan, this distance was shortened by bringing banking leaders together with developers, paving the way for nationally funded startups capable of competing regionally and globally.

A digital economy cannot be built in an unsafe environment. Accordingly, Fin-CIRT operates alongside innovation efforts. The graduation of the second cybersecurity bootcamp cohort in 2025, involving 311 trainees earning nineteen international certifications, represents a strategic investment in economic security and national resilience.

When comparing both experiences, Indonesia succeeded by unifying the payment language through QRIS. Jordan has achieved major progress through CliQ and eFawateercom. The next challenge is embedding these systems more deeply into daily life, extending financial inclusion to farmers, small merchants, and informal workers across governorates, just as GoPay and OVO did in Indonesia.

In Indonesia, nearly eighty percent of companies use artificial intelligence not as a luxury but as a tool to improve efficiency and detect fraud. Jordan, under the CBJ’s leadership, has begun leveraging big data to develop a precise economic roadmap. Artificial intelligence here is not a chatbot, but a predictive engine supporting sovereign decision making.

Indonesia’s fintech firms grew from fifty-one in 2011 to more than three hundred thirty expected by 2025. Jordan possesses qualified developers and internationally recognized certifications. What it needs is a bridge connecting this talent to global markets. Bringing developers and bank leaders together is the cornerstone of that bridge.

The CBJ’s vision aligns fully with Jordan’s Economic Modernization Vision. The goal is not merely digitizing transactions but building a resilient economy capable of withstanding shocks.

My message to policymakers, bank leaders, and young developers is clear. Jordan stands before a historic opportunity to secure its place on the global digital map. Indonesia proved that the impossible can be achieved. Jordan’s experience shows that innovation has no limits when supported by governance, trust, and strategic leadership.