Regional open banking and financial innovation firm, Fintech Galaxy, has launched its ‘FINX Comply’ open banking compliance services in the UAE.
Fintech Galaxy explained that its platform will offer cost-friendly and robust open banking and open finance compliance solutions to banks, insurance companies, and other financial institutions across the UAE.
FINX Comply is a cloud-based SaaS solution that offers an Open API Gateway with ‘out-of-the-box’ compliance – based on regional standards enabling banks and financial institutions to enjoy a fast and secure experience when integrating with centralised API platforms offered by central banks.
Mirna Sleiman, founder and CEO of Fintech Galaxy, explained: “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.
“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.”
The platform offers a comprehensive set of APIs, fully conformed with local regulations like the Open Banking Framework (OBF) in the UAE, the Saudi Central Bank (SAMA) Open Banking Framework, Central Bank of Jordan (CBJ) Regulation of Open Finance Services Operations Procedures, as well as Bahraini Open Banking Framework (OBF).
It also provides comprehensive TPP and Bank dashboards with metrics and analytics to monitor performance, consent management, and tailored and developer-friendly API documentation for banks and TPPs.
Aligning with UAE open banking plans
The UAE recently announced its plans to embrace open finance to increase competition, improve customer experience, and lower costs. This push towards open finance aligns with global trends and expects to attract more fintech companies to the region, to speed up the digital transformation of financial services in the country, further boosting the country’s position as a leading financial hub.
Launching FINX Comply in the UAE also represents a significant milestone for Fintech Galaxy, as it expands its footprint in the region and provides a much-needed solution to financial institutions struggling to keep up with the fast-paced regulatory environment surrounding open banking and open finance.
The company’s commitment to innovation and its focus on providing value to its clients make it a leading player in the region’s fintech industry.