- Egypt’s 100 million inhabitants and large financial sector provide an opportunity for rapid implementation of Open Finance
- The open financial market in Egypt is expected to grow by 25% annually over the next 5 years
Dubai, UAE: UAE-based Fintech Galaxy, the first central bank-regulated Open Finance platform in the Middle East, announced the acquisition of Underlie, an Egypt-based Open Banking platform that provides APIs to banks and businesses. The agreement will help to set FTG’s Open Finance and Open Banking wheels in full motion across the region, develop and launch new digital solutions and push financial inclusion forward.
Open Banking and Open Finance – are the key engines behind the digital transformation in Egypt. The country is fast becoming a thriving FinTech hub, boosted by 230% growth in cashless payments and the local Open Finance market expected to grow by 25% annually over the next 5 years. Egypt has nearly 39 banks across the country, and it provides an opportunity to fast track the implementation of the Open API standard, positioning the country as an important landmark in Fintech Galaxy’s Open Banking/Open Finance strategic roadmap.
Underlie’s Open Banking platform and expertise, including strong API connectivity and payment capabilities, have shown significant growth in the Egyptian market, offering customized products to consumers. Underlie’s customer-centric approach and ambition to understand FIs’ needs and pain points to provide them with new proposed revenue streams and tailored products and services complement Fintech Galaxy’s vision, existing distribution channels, technology, data practices and relentless focus on quality.
“Underlie’s expertise in building Open Banking APIs and knowledge of the local market will help us accelerate our Egypt market penetration, increase expansion in the region and unlock countless opportunities to create new Open Banking/Open Finance enabled use cases,” said Riyadh Al Zamil, Chairman of Fintech Galaxy’s Board of Directors and Investors Al Zamil added that all of Underlie’s current employees have been retained and warmly welcomed to the Fintech Galaxy Egypt business.
According to Mirna Sleiman, CEO and Founder of Fintech Galaxy, “The acquisition of Underlie anchors our Open Banking/Open Finance efforts and enables us to successfully provide enhanced, seamless and enjoyable financial experiences, expanding and consolidating our position across MENA markets. Cross-border collaboration is key to moving the needle on financial inclusion in Egypt and beyond.”
“This acquisition is proof of the positive impact Underlie has achieved so far”, said Akram Abdou, founder of Underlie. “We are delighted to join forces with FTG and succeed in the wider regional Open Finance mission.”
Present in the UAE, KSA, Bahrain, Egypt, Lebanon and Moldova, Fintech Galaxy continues to expand its offering for banks, financial institutions, merchants and FinTechs as it pursues its ambition to build the most secure, reliable and developer-friendly Open Finance platform across of the MENA region and beyond.
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About Fintech Galaxy
Fintech Galaxy was founded in the United Arab Emirates as a global platform that promotes innovation in financial services, drives ecosystem collaboration and facilitates Open Banking API integration between financial institutions and FinTech companies. Fintech Galaxy’s platform – FINX – redesigns finance by offering an Open Finance infrastructure that ensures secure and stable API integrations between all industry players and gives more control over data and payments to consumers.
More information: www.fintech-galaxy.com
About Underlie
Founded in 2020, Underlie is an Egypt-based Open Banking platform that provides application programming interfaces (APIs) to banks. Short for underlying technology, Underlie leverages open API technology and machine learning to empower banks and FinTech companies to provide their customers with better services and benefits.
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