Open Finance platform Fintech Galaxy Receives License from Central Bank of Bahrain

Fintech Galaxy, the industry-leading financial innovation company, has become 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 firm to operate as a regulated Third-Party Provider (TPP) and transform the way banks, financial institutions and merchants attract new customers.

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The Account Information Services Provider (AISP) license enables the company to integrate its Open Finance API platform, FINX, into multiple bank APIs through a unified interface, providing secure and consent-driven access to enrich customers' account information.

Mirna Sleiman, CEO & Founder of Fintech Galaxy, commented: "By getting the FINX platform licensed as a TPP in Bahrain, our vision as a regulated Open Finance platform is moving the needle on financial inclusion. It is a critical step for us in our relentless effort to drive innovation and open up the financial sector across the region. Crucially, we are now primed to accelerate financial inclusion for many millions of people as we lead a market that is forecast to grow by more than seven-fold to reach $11.74 billion by 2027."

Being CBB-licensed will strengthen Fintech Galaxy's presence in Bahrain and pave the way for further expansion across the region and beyond.

Sleiman explained: "With a team that has over 100 years of combined experience in Open banking, we have acted as a passionate catalyst for fintech innovation and inclusion for many years in the MENA region. By bringing the entire region's ecosystem together, our work has been fundamental in unleashing the vast potential of the MENA banking market, driven in part by the impact of the COVID-19 pandemic and a young and highly digitally engaged demographic. As the first central bank regulated Open Finance platform in the MENA region, we can now create opportunities for process improvement and new value creation for businesses, including financial and non-financial firms, which will finally be able to focus on developing their products and services without having to worry about compliance issues and technology infrastructure."