Fintech Galaxy, a pioneering force in financial technology solutions, has unveiled its latest venture in the United Arab Emirates (UAE) with the introduction of Open Banking compliance services. This strategic move marks the company’s bold stride towards broadening its presence and impact across the region’s burgeoning fintech landscape.
At the heart of Fintech Galaxy’s initiative lies ‘FINX Comply,’ a cutting-edge cloud-based Software-as-a-Service (SaaS) solution meticulously crafted to deliver seamless Open API gateway capabilities. With a focus on “out-of-the-box” compliance, FINX Comply boasts a robust suite of features including account information services (AIS) and payment initiation services (PIS) APIs, along with comprehensive third-party provider management functionalities.
Central to FINX Comply’s offerings is its sophisticated consent management system, meticulously engineered to adhere to regional standards. This empowers banks and financial institutions (FIs) to seamlessly integrate with centralized API platforms facilitated by central banks, ensuring regulatory compliance without compromising operational efficiency.
Complementing FINX Comply is Fintech Galaxy’s ‘FINX Connect,’ a transformative offering designed to facilitate AIS and PIS services through Open Banking standards. This innovative platform empowers banks and FIs to not only meet mandated compliance requirements but also explore new avenues for revenue generation and monetization. From personalized financial management (PFM) applications to SME credit scoring and variable recurring payments, FINX Connect unlocks a myriad of opportunities for innovation and growth.
The launch of FINX Comply in the UAE signifies a pivotal milestone for Fintech Galaxy, coinciding with the UAE’s strategic move towards embracing Open Finance, aligning with global trends. Mirna Sleiman, Founder and Chief Executive Officer of Fintech Galaxy, underscored the significance of this milestone, emphasizing the company’s unwavering commitment to promoting financial inclusion and driving innovation in the MENA region’s financial services sector.
“Our platform is engineered to offer fast-to-market, cost-effective, and robust Open Banking and Open Finance compliance solutions,” remarked Mirna Sleiman. “This launch epitomizes our dedication to fostering financial inclusion, spurring innovation, and catalyzing the growth of Open Banking across the UAE and beyond.”
With the launch of FINX Comply, Fintech Galaxy reaffirms its position as a trailblazer in the realm of fintech solutions, poised to redefine the future of banking and financial services in the UAE and beyond.