Bahrain Banks Get Fintech Galaxy’s Regulated API Platform
Fintech Galaxy is the first open financial platform authorised by a central bank in the MENA area. The development follows the Central Bank of Bahrain’s issuance of an AISP licence.
The firm that integrates open banking APIs may now function as a regulated Third-Party Provider (TPP). Fintech Galaxy will be able to incorporate ‘FINX’ into bank APIs after receiving the Account Information Services Provider (AISP) licence.
It will integrate FINX, its open banking API platform, with different bank APIs through a uniform interface. The platform gives clients with secure, consent-based access to enhanced account information.
After getting the AISP licence, Fintech Galaxy will operate in full conformity with Bahrain’s open banking requirements. The API platform provider will adhere to the PSD2 rules of the European Union and the best practises of the United Kingdom.
The organisation indicated that it intends to assist banks and retailers in expanding their client bases. Additionally, it will deliver “new product options.” These services involve a comprehensive picture of each client’s financial planning. Additionally, Fintech Galaxy provides financial planning, budgeting, and savings objectives.
Middle East Expansion Strategies
Founded in 2018 in the United Arab Emirates, Fintech Galaxy aims “to build the future of financial services across the 22 Arab Countries”. Receiving a licence to operate from the Central Bank of Bahrain is crucial to Fintech Galaxy’s expansion aspirations. Aspiring to become the premier open financial compliance and integration platform, it tightens its hold on Bahrain’s markets. The corporation focuses heavily on the markets of the UAE, Saudi Arabia, and Bahrain.
The CEO and creator of Fintech Galaxy, Mirna Sleiman, underlined the significance of obtaining the licence. She said: “It is a critical step for us in our relentless effort to drive innovation and open up the financial sector across the region.
“Crucially, we are now primed to accelerate financial inclusion for many millions of people as we lead a market that is forecast to grow by more than seven-fold to reach $11.74billion by 2027.”
With a team that has over 100 years of combined experience in open banking, we have acted 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 been fundamental in unleashing the vast 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 finance 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, which will finally be able to focus on developing their products and services without having to worry about compliance issues and technology infrastructure.”
