Sympl, Synapse Analytics, Valify and seven other Egyptian fintechs have been onboarded by Fintech Galaxy, the UAE-based central bank-regulated open finance platform. The open APIs provided by Fintech Galaxy’s FINX platform will foster a host of innovative use cases for the onboarded fintech companies.
The integration will enable fintechs to offer services such as flexible buy-now-pay-later schemes, personalised, AI-driven financial services, accurate credit scoring, risk assessment, and predictive financial management tools. Moreover, the use of open APIs will enhance digital identity verification and fraud detection processes. In turn, this will lead to safer and more reliable online transactions.
By tapping into open finance capabilities, these fintechs can offer personalised services and expand their customer bases. All the while, streamlining operations. Additionally, open finance fosters collaboration with financial institutions. It promotes innovation and opens up new revenue streams. Open finance essentially acts as a catalyst. Fintechs are empowered to reshape the financial landscape, democratise access to financial services, and drive the digital transformation of the industry.
Supporting growth by enabling account information and payment initiation
FINX is an open banking/open finance API platform that integrates with multiple banks’ APIs through a single API gateway. It is designed to support the growth of fintech companies by enabling account information and payment initiation. This platform empowers fintechs with advanced tools and resources to navigate the complexities of the financial industry. All the while, it provides them with a secure and regulatory-compliant environment for their operations.
“We are excited to empower Egyptian fintechs to make the leap to the wider MENA market with our API platform. We want to help drastically simplify financial management for individuals and corporates around the region. These partnerships will enable companies to leverage the FINX platform to fuel their growth, expand their reach beyond their home market, and develop innovative services that are efficient and compliant with global open banking standards” said Mirna Sleiman, founder and CEO, Fintech Galaxy.
Fintech Galaxy looks to foster more partnerships and growth in the global finance ecosystem throughout 2023. Its focus extends beyond fintech firms to include a diverse range of clients. These include merchants and other key stakeholders. It aims to provide them with a robust, secure open finance platform, opening up new opportunities. Consequently, it looks to empower them to enhance their financial services worldwide.