Priya Patel
TLDR:
Fintech Galaxy has launched its FINX Comply services in the United Arab Emirates, providing banks, insurance companies, and other financial institutions with Open Banking and Open Finance compliance solutions. The cloud-based SaaS solution offers an Open API Gateway with out-of-the-box compliance, TPP management, and consent management based on regional standards. Fintech Galaxy’s launch in the UAE aligns with the country’s plans to embrace Open Finance and attract more fintech companies to the region.
Key Points:
- Fintech Galaxy has launched its FINX Comply services in the UAE
- Designed to offer fast-to-market, cost-friendly, and robust Open Banking and Open Finance compliance solutions
- The platform is certified by Saudi Payments and licensed by the Central Bank of Bahrain
- FINX Comply is a cloud-based SaaS solution that offers an Open API Gateway with out-of-the-box compliance
- Comprehensive TPP and Bank dashboards, fine-grained Consent Management, and tailored API documentation are included
- Fintech Galaxy also offers FINX Connect, which enables Account Aggregation and Payment Initiation services
- The UAE plans to embrace Open Finance to increase competition, improve customer experience, and lower costs
Fintech Galaxy has launched its FINX Comply services in the United Arab Emirates, providing banks, insurance companies, and other financial institutions with Open Banking and Open Finance compliance solutions. The platform, licensed by the Central Bank of Bahrain and certified by Saudi Payments, aims to offer fast-to-market, cost-friendly, and robust compliance solutions.
FINX Comply is a cloud-based SaaS solution that provides an Open API Gateway with out-of-the-box compliance for Account Information Service and Payment initiation service APIs. It also includes Third Party Provider management, comprehensive TPP and Bank dashboards, and Consent Management based on regional standards. The platform is fully conformed with local regulations, such as the Open Banking Framework in the UAE and the Central Bank of Jordan’s Regulation of Open Finance Services Operations Procedures.
In addition to FINX Comply, Fintech Galaxy offers FINX Connect, which enables Account Aggregation and Payment Initiation services using open banking standards. This allows banks and financial institutions to create new API products and value-added services, leading to new revenue streams and monetization options.
The launch of FINX Comply in the UAE aligns with the country’s plans to embrace Open Finance and attract more fintech companies to the region. The UAE’s regulatory authorities, including the Central Bank of the UAE and the Dubai Financial Services Authority, have already issued draft regulations on Open Banking, and financial institutions in the country are developing their own APIs to enable secure data sharing.
Fintech Galaxy’s commitment to innovation and its focus on providing value to clients make it a leading player in the region’s fintech industry. The company is integrated with more than 15 banks across the GCC and aims 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.
