Fintech Galaxy Launches Open Banking Compliance Platform

Fintech Galaxy, an Open Banking and financial innovation firm, has introduced its FINX Comply services in the United Arab Emirates (UAE). The platform aims to provide fast-to-market, cost-effective, and robust Open Banking and Open Finance compliance solutions for banks, insurance companies, and other financial institutions in the UAE.

Mirna Sleiman, Founder and CEO of Fintech Galaxy, emphasised the platform’s commitment to promoting financial inclusion, encouraging innovation in the MENA region’s financial services sector, and driving the growth of Open Banking in the UAE and beyond.

FINX Comply is a cloud-based Software-as-a-Service (SaaS) solution designed to facilitate Open Banking compliance. It offers an Open API Gateway with out-of-the-box compliance for Account Information Service (AIS) and Payment Initiation Service (PIS) APIs, Third Party Provider (TPP) management, comprehensive TPP and Bank dashboards, and Consent Management based on regional standards.

Key features of FINX Comply include:

1. Open API Gateway with AIS/PIS APIs: Ensures fast, secure, and seamless integration with centralised API platforms offered by Central Banks.

2. TPP and Bank Dashboards: Provides comprehensive metrics, insights, and analytics for monitoring performance and Consent Management.

3. Compliance with Local Regulations: Fully confirmed with local regulations like the Open Banking Framework (OBF) in the UAE.

4. Developer-Friendly API Documentation: Offers tailored and developer-friendly documentation for banks and TPPs.

Additionally, Fintech Galaxy provides FINX Connect, enabling Account Aggregation (AIS) and Payment Initiation (PIS) solutions based on Open Banking standards. This allows banks and financial institutions to develop new API products and value-added tools, leading to new revenue streams and monetisation options, including Personal Financial Management (PFM) apps, Pay by Bank, Variable Recurring Payments (VRPs), and SME credit scoring.

The launch of FINX Comply in the UAE marks a significant milestone for Fintech Galaxy as it expands its presence in the region and addresses the needs of financial institutions grappling with the rapidly evolving regulatory landscape of Open Banking and Open Finance.