Jordan's InvoiceQ Wins Green Fintech Challenge, to Pilot Blockchain Solution with Major Banks
Jordanian fintech InvoiceQ has emerged as the winner of the Green Fintech Innovation Challenge, an initiative by JoPACC's JOIN Fincubator and GIZ aimed at fostering sustainable financing for MSMEs. InvoiceQ's blockchain platform for verifying green invoices will now undergo a Proof of Concept with Jordan Kuwait Bank, Housing Bank, and Jordan Islamic Bank.
Fostering Sustainable Finance for Jordanian MSMEs
The Green Fintech Innovation Challenge was designed by the Jordan Payments and Clearing Company (JoPACC), through its fintech incubator JOIN Fincubator, and in partnership with GIZ (the German Agency for International Cooperation). The challenge's core objective was to promote and identify innovative solutions that can drive sustainable financing options for Micro, Small, and Medium-sized Enterprises (MSMEs) in Jordan, aligning with broader environmental goals.
InvoiceQ's Award-Winning Blockchain Platform
InvoiceQ was recognized for its innovative approach to a pressing need within sustainable finance. The company's solution leverages a blockchain-powered platform to help banks verify invoices specifically linked to certified green products and services. By reviewing and validating these invoices, InvoiceQ enables financial institutions to offer green financing solutions with greater transparency, improved regulatory alignment, and enhanced environmental accountability.
Proof of Concept with Leading Jordanian Banks
A significant outcome of winning the challenge is that InvoiceQ has secured a Proof of Concept (PoC) with three prominent Jordanian banks:
Jordan Kuwait Bank
Housing Bank
البنك الإسلامي الأردني (Jordan Islamic Bank)
This PoC will allow InvoiceQ to implement and test its green invoice verification platform in collaboration with these established financial institutions. JoPACC had previously indicated it would cover costs associated with the PoC implementation for winners.
About InvoiceQ
Founded in 2020 by Muhannad Tobal, Fadi Al-Jabali, Amer Ayyad, and Mohammad Baseet, InvoiceQ is a Jordanian Software-as-a-Service (SaaS) company specializing in e-invoicing and integration solutions. The company has previously attracted investment, including a $1.2 million pre-Series A round in late 2024, and serves clients in Jordan and Saudi Arabia, helping businesses manage invoices efficiently and comply with local regulations.
About the Challenge Organizers
JoPACC plays a vital role in developing and operating Jordan's national payment systems. Its JOIN Fincubator arm focuses on nurturing fintech innovation within the Kingdom. GIZ supports sustainable development initiatives globally, and its partnership in this challenge underscores the international support for green finance in Jordan.
Looking Ahead
InvoiceQ's success in the Green Fintech Innovation Challenge and the subsequent Proof of Concept with leading banks marks a "major step toward a greener financial future in Jordan." This initiative is expected to enhance the ability of MSMEs to access sustainable financing, contributing to the Kingdom's environmental objectives and the growth of its green economy.
Source: Intaj.net