Fintech Galaxy unveils open banking compliance services in the UAE

By Delisha Fernandes

Fintech Galaxy, an 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.

“Our platform is designed to offer fast-to-market, cost-friendly, and robust Open Banking and Open Finance compliance solutions to banks and financial institutions in the UAE, ensuring that they become compliant and align with Open Banking and Open Finance regulations. This launch reflects our relentless commitment to promote financial inclusion, encourage innovation in the MENA region’s financial services sector, and drive the growth of Open Banking in the UAE and beyond.” said Mirna Sleiman, Founder and CEO of Fintech Galaxy.

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 also provides a comprehensive set of APIs, including PIS and AIS, fully confirmed with local regulations like the Open Banking Framework (OBF) in the region of the UAE. It will also deliver TPP and Bank dashboards metrics, insights, and analytics to monitor performance Consent Management, as well as tailored and developer-friendly API documentation for banks and TPPs.

Fintech Galaxy provides FINX Connect in order to enable Account Aggregation (AIS) and Payment Initiation (PIS) solutions, leveraging Open Banking standards. Banks and financial institutions will be enabled to develop new API products and value-added tools on top of the mandated regulatory use cases, leading to new revenue streams and monetisation options. These will include Personal Financial Management (PFM) apps, Pay by Bank, Variable Recurring Payments (VRPs), and SME credit scoring.

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.