Fintech Galaxy Introduces Open Banking Compliance Services in UAE

Fintech Galaxy, a regional Open Banking and financial innovation firm, has announced the launch of its FINX Comply services in the United Arab Emirates, marking its full commitment to the country's digital financial sector. 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, allowing banks and financial institutions to enjoy a fast, secure, and seamless experience when integrating with centralized API platforms offered by Central Banks, notes Fintech Galaxy.

Complementing its FINX Comply, Fintech Galaxy offers FINX Connect, which enables Account Aggregation (AIS) and Payment Initiation (PIS) services using open banking standards. Banks and financial institutions can create new API products and value-added services on top of the mandated regulatory use cases, leading to new revenue streams and monetization options. 

"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.

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.