Adrian JohnsonTLDR:
Fintech Galaxy, a financial innovation firm, has launched its FINX Comply services in the United Arab Emirates (UAE) to provide Open Banking compliance solutions. The platform offers banks, insurance companies, and other financial institutions user-friendly Open Banking capabilities that comply with regional standards. It also provides comprehensive dashboards, consent management, and API documentation. The launch of FINX Comply reflects Fintech Galaxy’s commitment to promoting financial inclusion and driving the growth of Open Banking in the UAE.
Fintech Galaxy, a regional Open Banking and financial innovation firm, has announced the launch of its FINX Comply services in the United Arab Emirates, marking its full commitment to the country’s digital financial sector.
The platform is designed to offer fast-to-market, cost-friendly, and robust Open Banking and Open Finance compliance solutions to banks, insurance companies and other financial institutions.
Fintech Galaxy is licensed by the Central Bank of Bahrain (CBB) to provide Open Banking and Open Finance services. It is certified by Saudi Payments as a Sponsor TPP and is ISO/IEC 27001:2022 and SOC 2 Type 2 compliant for Information and Data Security.
The company leverages its robust FINX platform for top-notch security, regulatory compliance, and user-friendly Open Banking capabilities.
Fintech Galaxy’s FINX Comply is a cloud-based SaaS solution that offers an Open API Gateway with out-of-the-box compliance with Account Information Service (AIS)/Payment initiation service (PIS) APIs, Third Party Provider (TPP) management, comprehensive TPP and Bank dashboards, and Consent Management based on regional standards allowing banks and financial institutions to enjoy a fast, secure, and seamless experience when integrating with centralized API platforms offered by Central Banks.
The platform offers a comprehensive set of APIs, including AIS and PIS, fully conformed with local regulations like the Open Banking Framework (OBF) in the UAE, the Saudi Central Bank (SAMA) Open Banking Framework, Central Bank of Jordan (CBJ) Regulation of Open Finance Services Operations Procedures, Bahraini Open Banking Framework (OBF), and others. It also provides comprehensive TPP and Bank dashboards with metrics and analytics to monitor performance at-a-glance, fine-grained Consent Management, and tailored and developer-friendly API documentation for banks and TPPs.
Fintech Galaxy is integrated with more than 15 Banks across the GCC. In early 2023, Fintech Galaxy had raised $5.5 million pre-Series A round to fund building a state-of-the-art Open Finance platform.
The UAE has recently announced its plans to embrace Open Finance to bring increased competition, improved customer experience, and lower costs. The UAE’s regulatory authorities, including the Central Bank of the UAE (CBUAE) and the Dubai Financial Services Authority have already issued draft regulations on Open Banking, and the country’s financial institutions are developing their own APIs to enable secure data sharing.
The UAE’s push towards Open Finance is in line with global trends, and it is expected to attract more fintech companies to the region, to speed up the digital transformation of financial services in the country, further boosting the country’s position as a leading financial hub.
Launching FINX Comply in the UAE is a significant milestone for Fintech Galaxy, as it expands its footprint in the region and provides a much-needed solution to financial institutions struggling to keep up with the fast-paced regulatory environment surrounding Open Banking and Open Finance.
The company’s commitment to innovation and its focus on providing value to its clients make it a leading player in the region’s fintech industry.
