Fintech Galaxy, an open banking company, has become the first central bank-regulated open finance platform in the MENA region.
The Dubai-based fintech received a licence from the Central Bank of Bahrain (CBB), enabling the company to operate as a third-party provider (TPP) and expanding its MENA presence beyond its current four markets.
The CBB account information services provider licence will allow Fintech Galaxy to integrate its open finance platform, FINX, with local banks, financial institutions and merchants.
FINX enables easy payments and users to build smooth customer experiences. Fintech Galaxy says the platform boosts their ability to provide innovative products, including money planning tools, while delivering faster access to other platforms and tailored products.
Mirna Sleiman, chief executive officer and founder of Fintech Galaxy, said: “By getting the FINX platform licensed as a TPP in Bahrain, our vision as a regulated open finance platform is moving the needle on financial inclusion. It is a critical step for us in our relentless effort to drive innovation and open up the financial sector across the region.”
Fintech Galaxy also aims to work with entities outside of financial services in Bahrain.
Sleiman explained: “We can now create opportunities for process improvement and new value creation for businesses, including 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.”
Image: Fintech Galaxy