Fintech Galaxy unveils Open Banking compliance services in the UAE

Fintech Galaxy has launched Open Banking compliance services in the United Arab Emirates (UAE), as it seeks to expand its footprint in the region.

Fintech Galaxy’s ‘FINX Comply’ is a cloud-based Software-as-a-Service solution that offers an Open API gateway for “out-of-the-box” compliance, with account information services (AIS) and payment initiation services (PIS) APIs, and third party provider management.

It also features consent management based on regional standards, enabling banks and financial institutions (FIs) to integrate with the centralised API platforms offered by central banks “seamlessly”.

FINX Comply is complemented by Fintech Galaxy’s ‘FINX Connect’ offering, which enables AIS and PIS services using Open Banking standards.

It means that banks and other FIs can create new API products and services in addition to mandated use cases that can lead to new streams of revenue and monetisation opportunities, including PFM apps, SME credit scoring, Pay by Bank and variable recurring payments.

Fintech Galaxy referred to the launch of FINX Comply in the UAE as a “significant milestone”, coming shortly after it was announced that the UAE is planning a push into Open Finance, in line with other global markets.

Mirna Sleiman, founder and chief executive officer, Fintech Galaxy

“Our platform is designed to offer fast-to-market, cost-friendly, and robust Open Banking and Open Finance compliance solutions to banks and financial institutions in the UAE, ensuring that they become compliant and align with Open Banking and Open Finance regulations,” said Fintech Galaxy’s founder and chief executive officer Mirna Sleiman.

She added: “This launch reflects our relentless commitment to promote financial inclusion, encourage innovation in the MENA region’s financial services sector, and drive the growth of Open Banking in the UAE and beyond.”

In early 2023, Fintech Galaxy acquired Egypt-based Open Banking platform Underlie, giving it a foothold in the country, where the Open Finance market is forecast to grow by 25% annually over the next five years.

Last year, Fintech Galaxy also secured $5.5 million in a pre-Series A funding round.

The Open Banking platform currently operates in the UAE, Bahrain, Egypt, Saudi Arabia, Lebanon, and Moldova.