Fintech Galaxy, a financial startup, has emerged as the MENA region’s first central bank-regulated Open Finance system upon getting a license from the Central Bank of Bahrain (CBB), enabling the company to function as a licensed Third-Party Provider (TPP) and alter the process of banks, financial institutions, and merchants gaining new clients.
The Account Information Service Provider (AISP) license allows organizations to implement their Open Finance API platform, FINX, into various bank APIs using a single universal interface, allowing secure and consent-driven access to enhance customer account details.
The license along with the Bahraini Open Banking Standards and European Union’s PSD2 regulation and UK best practices will enable the fintech organizations and retailers to further broaden their client base and offer better services. The services consist of a complete 360-degree view of the customer’s financial planning, savings, budgeting, and financial trail. It also enables customers to get quick access and effortless access to different platforms and products that match their requirements.
Mirna Sleiman, CEO & Founder of Fintech Galaxy, said, “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.”
The organization, which is already present in four MENA nations, is on a mission to establish the world’s most secure, trustworthy, and developer-friendly Open Finance platform. With a wide range of use cases, a CBB license will enhance Fintech Galaxy’s position in Bahrain and open the door for further growth throughout the region and beyond. This will benefit SMEs, retailers, corporations, and even regulators.
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