Latest news with #digital payments
Finextra
5 hours ago
- Business
- Finextra
Mastercard and Jordan Islamic Bank collaborate on Shari'ah-compliant digital payment platform
Mastercard and Jordan Islamic Bank (JIB), one of the largest banks operating in the country, are collaborating to drive innovation and expand access to Shari'ah-compliant digital payment solutions. 0 JIB will leverage Mastercard's payment technologies and advisory services to enhance its consumer card portfolio, introducing new features tailored to the unique needs of Shari'ah- compliant customers. The collaboration aims to support the development of new digital channels and customer engagement platforms, enabling JIB to deliver more personalized, accessible, and secure banking experiences. 'This collaboration reflects our shared commitment to advancing financial inclusion and empowering Shari'ah-compliant customers across Jordan through innovative digital solutions. Together with JIB, we are building a more connected and customer-centric financial ecosystem, powering inclusive growth, driving digital transformation, and expanding access to secure digital payments,' said Adam Jones, executive vice president and division president for West Arabia, Mastercard. 'We are excited to collaborate with Mastercard to provide innovative and Sharia'ah-compliant financial solutions. Leveraging Mastercard's global expertise and advanced technologies, we will further enhance our offerings, ensuring our customers experience secure, seamless, and value-driven financial services that adhere to Shari'ah banking principles,' said Dr. Huseein, CEO, Jordan Islamic Bank Since its establishment in 1978, Jordan Islamic Bank (JIB) has focused on sustainable growth by driving digital transformation and expanding its electronic banking services to meet the changing needs of its customers.
The Independent
7 days ago
- Business
- The Independent
‘Urgent' need for digital reform of banking payments, says Bank of England boss
Bank of England governor Andrew Bailey has said that 'urgent' reforms of retail banking payments should be a priority as he remains to be 'convinced' over the need for a digital pound. In his annual Mansion House dinner speech, Mr Bailey said the UK needs to 'harness the potential of digital technology for retail payments' both within Britain and internationally to help future-proof payments infrastructure and ensure it can play its part in boosting growth in the UK. But he added a dose of scepticism over any plans for a digital pound and reiterated concerns over so-called stablecoins – a type of cryptocurrency which is backed by a traditional asset such as a currency or commodity. Mr Bailey said: 'There is an urgent need for innovation now in the area of payments, and the opportunity is there, no doubt about that.' He said the Bank would collaborate with authorities and industry to 'design and deliver the next generation of UK retail payments infrastructure'. 'This must be a priority, both to replace ageing infrastructure and as part of promoting growth in the UK,' he said, echoing financial services reforms outlined by Chancellor Rachel Reeves on Tuesday to help boost the economy. Mr Bailey added: 'There may well be a role for stablecoins going forward, but I don't see them as a substitute for commercial bank money. 'Moreover, our job will be to ensure that those stablecoins that purport to be money are safe. 'Perhaps there may also be a role for retail central bank digital currency, but I remain to be convinced why the natural next step is to create a new form of money rather than put digital technology into retail payments and bank accounts.' His comments follow just days after he warned global banking giants against issuing their own stablecoins, which he said threaten to take money out of the banking system and therefore leave less available for lending. Mr Bailey has also appeared to be increasingly cooling on the idea of a digital pound in recent months, raising doubts over whether it would ever be officially launched. In his speech, Mr Bailey cautioned over the ongoing impact of the global trade war, with the current shift in policy marking the 'most sudden and fundamental in the post-war era'. 'The shifts we have witnessed – and continue to witness – mark a generational change in the system of trade amongst nations,' he said. 'Increasing tariffs creates the risk of fragmenting the world economy, and thereby reducing activity,' he said. 'Recent events have exposed fault lines in the multilateral system of relations between nations, including in the global trading system,' he added. He said the International Monetary Fund (IMF) and the Word Trade Organisation (WTO) can both work together and play a part in cooling the current trade war by helping 'achieve agreement amongst its members on the global rules of the road and how they are adhered to'. But he stressed he cannot 'underestimate the challenges' in addressing the current trade tensions.
