Arab Jordan Investment Bank (AJIB) has become the first to implement blockchain technology in the country. An AJIB and ICS Financial Systems (ICSFS) collaboration is responsible for this first. The partnership saw the completion of a proof of concept (PoC) carried out by ICSFS.

According to a statement on AJIB’s website, the operation was run over the ICS BANKS Blockchain Adapter. The operation sought to pilot funds transfer system between AJIB’s head office in Amman and its Cyprus branch in Limassol.

Faster and more secure transactions

Commenting on the developments, AJIB chairman Hani Al-Qadi is confident the system is a huge milestone for the institution.

“The success of this PoC is the beginning of a new journey for AJIB, and we are looking forward to be using this transformative technology, after being regulated in different banking solutions to continue fulfilling our customers’ evolving financial needs,” he said.

ICSFS, a subsidiary of International Computer Systems Group with headquarters in London, is a blockchain solutions startup. ICSFS developed the new blockchain platform for AJIB such that it integrates with Oracle Autonomous Blockchain Service. Further, the blockchain will depend on Hyperledger Fabric and a digital banking platform uniquely designed for ICSFSs’ operations. The two platforms are in charge of carrying between AJIB branches.

The new technology by ICSFS is able to increase automated transactions while keeping them secure. One major positive attribute of the ICSFS attributes is the ability to by-pass intermediaries. The solution eliminates unnecessary delays occasioned by intermediaries.

AJIB And ICS Financial Systems collaboration achieves regional milestone

On their part, ICSFS is happy to be part of such a groundbreaking initiative in the Middle East. Managing Director of ICSFS, Mr. Robert Hazboun hopes the collaboration will deliver real-time transactions.

“The initiative of this successful milestone is one of the first blockchain PoC executed in this region, delivering an enterprise-grade blockchain platform with industry leading resiliency, scalability and security,” he notes.

With AJIB and ICS Financial Systems collaboration, Jordan becomes the second country in the Middle East to adopt blockchain technology. Dubai is the most ardent blockchain disciple. Recently, the government has revealed that it plans to move all its operations to the blockchain platform.