Galaxy Fintech becomes a regulated third-party provider (TPP) in accordance with Bahrain’s open banking standards
Dubai, United Arab Emirates: Fintech Galaxy, the industry-leading monetary innovation company, has the first central bank-regulated open finance platform in the MENA region after receiving a license from the Central Bank of Bahrain (CBB), allowing the company to operate. as a regulated third-party provider (TPP) and transforming the way banks, financial establishments and merchants are attracting new customers.
The Account Information Service Provider (AISP) license allows the company to integrate its open finance API platform, FINX, into banking APIs through a unified interface, offering secure consent-based access to enrich visitor account information.
Operating in full compliance with Bahrain’s Open Banking Standards and in line with European Union PSD2 regulations and the UK’s most productive practices, the license will help banks, money establishments and merchants expand their visitor base and offer cutting-edge product offerings. These come with a 360-degree view of a customer’s monetary footprint in monetary planning, budgeting and savings goals tailored to the end-user’s monetary behavior. Consumers also gain advantages in a faster and smoother way to other platforms and products that meet their unique desires and circumstances.
Mirna Sleiman, CEO and founder of Fintech Galaxy, said: “By licensing the FINX platform as a TPP in Bahrain, our vision as a regulated open finance platform promotes monetary inclusion. This is a critical step for us in our tireless efforts to drive innovation. and opening up the monetary sector throughout the region. Fundamentally, we are now poised to drive monetary inclusion for millions of people while leading a market that is expected to increase more than sevenfold to reach $11. 74 billion through 2027. “
The company, which now operates in four markets in the MENA region, is in a project to create the world’s safest, most trusted and developer-friendly open finance platform. Obtaining a CBB license will bolster Galaxy’s presence in Bahrain and pave the way for further expansion. in the region and beyond, with a wide diversity of use cases, bringing more price to SMEs, traders, businesses and even regulators.
Sleiman explains how, “With a team that has over a hundred years of combined open banking experience, we have acted as a passionate catalyst for fintech innovation and inclusion for many years in the MENA region. By combining the entire ecosystem of the region, our work has been instrumental in unlocking the broad potential of the MENA banking market, driven in part by the influence of the COVID-19 pandemic and a young, highly digitally engaged population. As the first regulated central bank open finance platform in the MENA region, we can now create opportunities for improved procedures and the creation of new prices for companies, adding monetary and non-monetary companies, which can, regardless, concentrate on developing their products and services without having to worry. on compliance issues and generation infrastructure.
MENA’s open banking market is expected to grow at an average CAGR of 25% to reach $1170 million by 2027, from approximately $03500 million to $42 billion by 2022. use instances of Open Banking and Open Finance for SMBs, merchants, giant enterprises, and even government agencies. They come with instances of use in retail banking, lending, monetary control (personal and professional), money control, accounting, ERP, investments and simplified payments.
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For media inquiries, please contact: Karan Narsinghani Weber Shandwick Email: KNarsinghani@webershandwick. com
About Fintech Galaxy
Fintech Galaxy was founded in the UAE as a global platform that drives innovation in money services, drives ecosystem collaboration, and facilitates open banking API integration between money establishments and third-party providers. The Galaxy Fintech (FINX) platform is rethinking finance by offering an Open Finance infrastructure that ensures secure and robust API integrations across industry players and delivers more customer insights and payments.
More information: https://www. fintech-galaxy. com/ https://www. thefinx. io/
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