AMMAN: The Economic Modernization Vision's executive program report for the third quarter of this year highlights significant progress in Jordan's financial services sector, including regulatory improvements, investment stimulation, and heightened financial awareness. According to Jordan News Agency, development efforts are underway in the Amman Stock Exchange (ASE) to modernize brokerage firms' order management systems, with initial testing completed for the new electronic trading system. This upgrade is part of a broader initiative to strengthen ASE's infrastructure and enhance trading efficiency. The report also details campaigns aimed at fostering investor education to broaden public understanding and engagement with ASE. These efforts reflect Jordan's commitment to nurturing an informed investor community, crucial for market growth. In line with efforts to attract investments, the Jordan Securities Commission (JSC) has been actively engaging with investors and regional brokerage firms to identify and implement incentives. Consultative meetings were held to address challenges in establishing investment funds and portfolios, with measures aimed at boosting local and foreign investment to increase liquidity in the ASE. The Central Bank of Jordan (CBJ) has finalized action plans under its Financial Inclusion Strategy (2023-2027), covering financial consumer empowerment, non-banking financial institutions, and insurance market behavior. This comprehensive strategy seeks to extend financial services to broader segments of society, encouraging a more inclusive financial ecosystem. To support microfinance and reduce borrowing costs, the CBJ has requested a JD9 million installment from the Arab Fund for Economic and Social Development, earmarked for microfinance companies through 2025. Additionally, preparations are underway to introduce an electronic Know Your Customer (e-KYC) system to streamline financial access. The report also notes that new regulations were introduced, including the mandatory vehicle insu rance system and an insurance policy guarantee fund, to fortify the insurance sector. Amendments have also been made to allow individuals over 15 to open basic bank accounts and electronic wallets, supporting youth financial inclusion. Efforts are being made to enhance consumer protection in banking, with revised fair and transparent dealing standards for the banking sector. The JSC is also refining the regulatory framework for insurance agents, with an updated insurance law draft in preparation to align with sector feedback.
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