Fintech Galaxy has become the first central bank-regulated open finance platform in the MENA region. The news comes after the Central Bank of Bahrain grants it the AISP licence.
The open banking API integration company will now be able to operate as a regulated Third-Party Provider (TPP). Having received the Account Information Services Provider (AISP) licence, Fintech Galaxy will be able to integrate ‘FINX’ into bank APIs.
‘FINX‘, its open banking API platform, is to be integrated into multiple bank APIs through one unified interface. The platform provides secure and consent-driven access to enrich customers’ account information.
Fintech Galaxy is to operate in full compliance with Bahrain’s open banking standards after receiving the AISP licence. The API platform provider will operate in line with the European Union’s PSD2 regulations and the UK’s best practices.
The company explained that it aims to help bank financial institutions and merchants widen their customer bases. It will also provide more “innovative product offerings”. Such offerings include a complete view of each customer’s financial planning. Fintech Galaxy also offers financial planning, budgeting and savings goals.
Expansion plans in the Middle East
Founded in 2018 in the United Arab Emirates, Fintech Galaxy aims “to build the future of financial services across the 22 Arab Countries”. Receiving the licence to operate from the Central Bank of Bahrain represents an important step in Fintech Galaxy’s growth plans. It strengthens its grip on Bahrain markets as it aspires to become the leading open finance compliance and integration platform. The company has a strong focus on the UAE, Saudi and Bahrain markets.
Mirna Sleiman, CEO and founder of Fintech Galaxy, explained the importance of receiving the licence. She said: “It is a critical step for us in our relentless effort to drive innovation and open up the financial sector across the region.
“Crucially, we are now primed to accelerate financial inclusion for many millions of people as we lead a market that is forecast to grow by more than seven-fold to reach $11.74billion by 2027.”
Sleiman continued: “With a team that has over 100 years of combined experience in open banking, we have acted as a passionate catalyst for fintech innovation and inclusion for many years in the MENA region. By bringing the entire region’s ecosystem together, our work has been fundamental in unleashing the vast potential of the MENA banking market. [This is] driven in part by the impact of the COVID-19 pandemic and a young and highly digitally engaged demographic.
“As the first central bank-regulated open finance platform in the MENA region, we can now create opportunities for process improvement and new value creation for businesses. [These include] financial and non-financial firms, which will finally be able to focus on developing their products and services without having to worry about compliance issues and technology infrastructure.”