Open financial platform Fintech Galaxy receives a license from the Central Bank of Bahrain
Fintech Galaxy, the industry-leading financial innovation company, has become the first central bank regulated Open Finance platform in the MENA region after receiving a license from the Central Bank of Bahrain (CBB), which allows the firm to operate as a Regulated Third Party Provider (TPP) and transform the way banks, financial institutions and merchants attract new customers.
The Account Information Services Provider (AISP) license enables the company to integrate its Open Finance API platform, FINX, into multiple banking APIs through a unified interface, providing secure and consent-driven access to enrich customers’ account information.
Operating in full compliance with Bahraini Open Banking Standards and in line with EU PSD2 regulations and UK best practices, the license will help banks, financial institutions and merchants expand their customer base and offer innovative product offerings. These include a 360-degree overview of a customer’s financial footprint to financial planning, budgeting and savings targets tailored to the end user’s financial behaviour. Consumers also benefit from faster, seamless access to other platforms and products that meet their unique needs and circumstances.
Mirna Sleiman, CEO and founder of Fintech Galaxy, commented: “By getting the FINX platform licensed as a TPP in Bahrain, our vision as a regulated Open Finance platform moves the needle on financial inclusion. It is a critical step for us in our relentless drive to drive innovation and open up the financial sector across the region Most importantly, we are now poised to accelerate financial inclusion for many millions of people as we lead a market predicted to grow by more than seven times to reach $11.74 billion by 2027.”
The company, now operating in 4 markets across MENA, is on a mission to build the most secure, reliable and developer-friendly Open Finance platform in the world. Being CBB licensed will strengthen Fintech Galaxy’s presence in Bahrain and pave the way for further expansion across the region and beyond, with a wide range of use cases, bringing more value to SMEs, merchants, enterprises and even regulators.
Sleiman explains how, “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, the work has ours has been fundamental in unlocking the enormous potential of the MENA banking market, 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 Finance platform in the MENA region, we can now create opportunities for process improvement and new value creation for businesses, including financial and non-financial enterprises, who will finally be able to focus on developing their products and services without having to worry about compliance issues and technology infrastructure.”
The MENA Open Banking market is expected to grow at an average CAGR of 25% to reach US$1.17 billion by 2027, up from an estimated US$03.5 billion – US$0.42 billion in 2022. The license provides tremendous opportunities for FINX to to lead the development of several high-potential Open Banking and Open Finance-driven use cases for SMEs, merchants, large enterprises and even government bodies. They include use cases in retail banking, lending, financial management (personal and business), financial management, accounting, ERP, investments and streamlined payments.
