Fintech Galaxy brings central bank-regulated API platform to Bahraini banks
Fintech Galaxy has become the first central bank-regulated open finance platform in the MENA region. The news will follow Central Bank of Bahrain provides that AISP license.
The open banking API integration company will now be able to operate as a regulated third party provider (TPP). After receiving the Account Information Services Provider (AISP) license, Fintech Galaxy will be able to integrate ‘FINX’ into banking APIs.
‘FINX’, its open banking API platform, will be integrated into multiple banking APIs through one unified interface. The platform provides secure and consent-driven access to enrich customers’ account information.
Fintech Galaxy will operate in full compliance with Bahrain’s open banking standards after receiving the AISP license. The API platform provider will operate in line with EU PSD2 regulations and UK best practice.
The company explained that it aims to help banking financial institutions and retailers expand their customer base. It will also provide more “innovative product offerings”. Such offers include a complete overview 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 license to operate from the Central Bank of Bahrain represents an important step in Fintech Galaxy’s growth plans. It is strengthening its grip on the Bahrain markets as it strives to become the leading open financial compliance and integration platform. The company has a strong focus on the markets in the UAE, Saudi and Bahrain.
Mirna Sleiman, CEO and founder of Fintech Galaxy, explained the importance of receiving the license. She said: “It is a critical step for us in our relentless drive to drive innovation and open up the financial sector across the region.
“Crucially, we are now poised to accelerate financial inclusion for many millions of people as we lead a market that is forecast to grow by more than seven times to reach $11.74 billion by 2027.”
Sleiman continued: “With a team that has over 100 years of combined experience in open banking, we have served 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 has been fundamental in unleashing the enormous 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 financial 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, who will finally be able to focus on developing their products and services without having to worry about compliance issues and technology infrastructure.”
