Arab Bank in $30m fintech fund launch

Jordan’s Arab Bank is to launch a £30 million venture fund targeting financial technology firms, according to its chief operating officer.

The fund, which will be fully owned by the bank, will be registered in the Cayman Islands and be ready to launch before the end of October, said Eric Modave, as reported by Zawya.

“The typical ticket size is $1-3 million and it has an investment period of three to four years maximum, but if we find good opportunities quicker, we will fill the book quicker,” he reportedly said.

The fund will focus on fintech firms that are relevant for the bank and which deploy technology such as blockchain, robotics, machine learning, artificial intelligence and application programming interfaces.

“We will look for companies that will address a problem statement at the bank. We’re not just doing this for experimenting,” he said.

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