Zarqa:The Jordan Free and Development Zones Group has entered into a cooperation agreement with eDamana Digital Software Development Co. to implement a secure electronic payment system for vehicle transactions in the Zarqa Free Zone. This initiative is designed to enhance trust and transparency while safeguarding the rights of all parties involved in the transactions.
According to Jordan News Agency, the agreement allows eDamana to electronically integrate with the group's systems to access and verify vehicle data. This integration enables eDamana to associate payments and money transfers with vehicle data and transaction conditions, thereby offering a more secure and reliable process for traders, investors, and buyers.
Director General of Free Zones Abdul Hamid Gharaibeh emphasized that the agreement aligns with the group's objective to improve services for investors and clients by utilizing digital technology to streamline commercial and financial procedures. He noted that the partnership enhances services in the Zarqa Free Zone, strengthens its competitiveness, and solidifies its position as a key hub for vehicle trade.
eDamana CEO Raed Al Dado highlighted that the agreement is a strategic move to expand the company's services in vehicle trade within free zones. He stated that the electronic integration will enhance the company's ability to provide comprehensive digital financial guarantee solutions, which protect the rights of sellers and buyers, reduce financial transaction risks, and facilitate safer and smoother trading.
eDamana, a Jordanian platform, specializes in digital financial guarantee and conditional digital settlement solutions. It collaborates with the Jordanian banking sector and government systems, including the Driver and Vehicle Licensing Department, the Sanad digital identity system, and the eFAWATEERcom system, within the regulatory framework of the Central Bank of Jordan. The platform processes sales and purchases through bank escrow accounts, ensuring funds are held until transaction conditions are verified and met.
This agreement is part of the group's initiative to establish strategic partnerships with the private sector and to incorporate innovative technical and financial solutions in Jordan's free zones.