AMMAN — Financial and cybersecurity leaders discussed the future of digital payments and financial innovation during a panel discussion held last Wednesday in Amman, after the Visa’s launch its "Stay Secure" report.

 

While acknowledging rising risks linked to artificial intelligence (AI), deepfakes and emerging quantum technologies, speakers stressed that the region is well-positioned to strengthen its digital resilience through cooperation, shared investment and sustained innovation.

 

Moderated by Head of Risk for North Africa, the Levant and Pakistan at Visa, Faten Wehbi, the panel brought together senior representatives from banking, payments, retail and cybersecurity.

 

Across all sectors, speakers agreed that accelerated collaboration, rather than competition, will be the foundation for a safer and more dynamic digital economy.

 

Digital protection through joint efforts

 

Vice-President and Head of Cybersecurity Operations and Cloud Management at Arab Bank, Rula Al Asaad, highlighted both the progress made and the opportunities ahead in strengthening digital payment security.

 

She said, noting that AI-driven schemes demand faster and more adaptive defences. Yet she stressed that the region has the capability to stay ahead.

 

"Our controls must be continuously updated, and institutions need to double their investments in protecting payment channels."

 

Al Asaad outlined a proactive roadmap that includes greater deployment of AI-powered fraud detection, enhanced threat intelligence services and stronger digital and physical access controls.

 

She said that Deepfakes and AI-driven scams are becoming more convincing by the day, which is why AI must also be part of the solution.

 

She encouraged regional organisations to integrate AI across their digital journeys, stressing that "with the right investment and skills, we can stay ahead of emerging threats."

 

Standards and PPPs

 

CEO of the Jordan Payments and Clearing Company (JoPACC), Maha Al Bahou, underscored that the region’s significant progress in digital payments has been built on cooperation between regulators, banks, fintechs and private organisations.

 

"To increase reliance on digital payments, people must trust the system, security and flexibility must go hand in hand".

 

Al Bahou highlighted Jordan’s success in establishing secure infrastructure based on ISO standards, a close network environment, and robust API frameworks.

 

She pointed to CliQ, the first initiative in Jordan to use Business Digital Certificates, as proof that innovation and security can be integrated from day one. "All transactions undergo pre-verification, because security is part of the design."

 

Al Bahou also stressed ongoing national achievements such as the eKYC system, biometric digital onboarding, and the Central Bank–led "Jordan Standard API" for open banking.

 

"Security infrastructure should never be an area of competition between banks. These foundations must be joint initiatives if we want to build a truly resilient financial ecosystem." she said.

 

While she warned that quantum computing presents a future challenge, she framed it as an opportunity for the region to lead collaboratively.

 

"We must start preparing now, together, so that we are not dependent on others for this critical technology. For security reasons, we must not compete over this. We must always work together".

 

Retail sector

 

From the retail perspective, CEO of THE Group, Imad Bukhari, expressed confidence in Jordan’s growing e-commerce culture.

 

Since launching Jordan’s first online retail platform in 2014, Cosmo has invested heavily in user experience improvements, and Bukhari believes the market is primed for a new wave of innovation.

 

We have spent two decades building loyalty and trust with customers and suppliers, but the customer experience, especially the final touch point, is still what determines satisfaction".

 

"We are collecting data to understand this behaviour and redesign the experience," he said.

 

Bukhari also stressed "Digital transformation won’t succeed unless consumers understand the systems they use. Education must happen in stores, through communication channels and across social media".

 

He was optimistic about the region’s readiness for advanced digital commerce. "Some innovations common in Europe have not yet reached us, but we’re already seeing local alternatives, like shopping journeys integrated into WhatsApp".

 

AI shield and engine of innovation

 

The Information Security Expert at Al Etihad Bank, Riyad Jazmwai, noted "The best means of protection is to use the same tools that hackers use. Artificial intelligence is the problem, but it is also the solution".

 

Jazmwai predicted an expansion of agentic security systems in which AI agents autonomously detect and respond to threats.

 

He added that preparations for quantum computing-era security are already underway, with new encryption methods being explored.