Fintech Galaxy, a regional open banking and financial innovation firm, has announced the launch of its FINX Comply services in the United Arab Emirates. 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.
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. This allows 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, 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, as well as Bahraini Open Banking Framework (OBF). It also provides comprehensive TPP and Bank dashboards with metrics and analytics to monitor performance, consent management, and tailored and developer-friendly API documentation for banks and TPPs.
Why is open banking and open finance important for the UAE?
Open banking and open finance are emerging trends in the global financial sector that aim to increase competition, improve customer experience, and lower costs. They enable customers to access and share their financial data and initiate payments across different providers, using secure and standardized APIs.
The UAE recently announced its plans to embrace open finance to foster innovation and financial inclusion in the country. This aligns with the UAE Vision 2021 and the UAE Centennial 2071, which envision the country as a leading financial hub in the region and the world. By adopting open finance, the UAE expects to attract more fintech companies to the region, to speed up the digital transformation of financial services in the country, and to offer more choice and value to customers.
How does Fintech Galaxy support the growth of open banking and open finance in the region?
Fintech Galaxy is a leading player in the region’s fintech industry, with a vision to promote financial inclusion, encourage innovation, and drive the growth of open banking and open finance in the MENA region and beyond. The company provides FINX Connect, a platform that enables Account Aggregation (AIS) and Payment Initiation (PIS) solutions, leveraging open banking standards. This allows banks and financial institutions to develop new API products and value-added tools on top of the mandated regulatory use cases, leading to new revenue streams and monetization options. These include Personal Financial Management (PFM) apps, Pay by Bank, Variable Recurring Payments (VRPs), and SME credit scoring.
Fintech Galaxy also operates a digital crowdsourcing platform that connects fintech startups with financial institutions, regulators, and investors, to co-create innovative solutions for the financial sector. The company has partnered with several leading organizations in the region, such as the Central Bank of Bahrain, the Dubai International Financial Centre, and the Abu Dhabi Global Market, to support the development of the fintech ecosystem.