Fintech Galaxy Introduces ‘FINX Comply’ Open Banking Compliance Solution in the UAE
Fintech Galaxy, a prominent regional player in open banking and financial innovation, has unveiled its latest offering, ‘FINX Comply,’ in the UAE, as highlighted in The Fintech Times. This innovative platform aims to provide cost-effective and robust open banking and open finance compliance solutions tailored for banks, insurance companies, and various other financial institutions across the UAE.
‘FINX Comply’ is a cloud-based Software as a Service (SaaS) solution that includes an Open API Gateway equipped with pre-configured compliance features based on regional standards. This offering facilitates seamless integration with centralized API platforms offered by central banks, ensuring fast and secure experiences.
Mirna Sleiman, the Founder and CEO of Fintech Galaxy, expressed the platform’s primary objective, stating, «Our platform is designed to offer fast-to-market, cost-effective, and reliable open banking and open finance compliance solutions to banks and financial institutions in the UAE. It ensures their compliance with open banking and open finance regulations, reinforcing our commitment to promote financial inclusion, innovation in the MENA region’s financial services sector, and drive Open Banking’s growth in the UAE and beyond.»
The platform offers an extensive array of APIs fully compliant with local regulations, including 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 the Bahraini Open Banking Framework (OBF). Additionally, it provides comprehensive dashboards for Third-Party Providers (TPPs) and Banks, equipped with metrics and analytics for performance monitoring, consent management, and developer-friendly API documentation.
The UAE’s recent announcement regarding its adoption of open finance aims to enhance competition, improve customer experiences, and reduce costs in the financial sector. This aligns with global trends and is expected to attract more fintech companies to the region, accelerating the digital transformation of financial services and further solidifying the UAE’s position as a premier financial hub.
The introduction of ‘FINX Comply’ in the UAE marks a significant milestone for Fintech Galaxy as it expands its presence in the region and offers a much-needed solution to financial institutions navigating the rapidly evolving regulatory landscape surrounding open banking and open finance. The company’s commitment to innovation and its focus on delivering value to clients position it as a leading player in the region’s fintech industry.