Fintech Galaxy and ProgressSoft partner to optimise Open Banking in MENA

Fintech Galaxy offers dependable and secure Open Banking and Embedded Finance infrastructure that facilitates integration among industry participants. Regulated by the Central Bank of Bahrain, Fintech Galaxy has also obtained initial regulatory approvals from the Central Banks of Saudi Arabia, Jordan, and the UAE.

This collaboration promotes the adoption of Open Banking across the financial sector and leverages national payment infrastructures alongside existing payment systems. It enables banks, payment service providers (PSPs), and regulators to simplify compliance, increase digital transactions, and develop scalable financial ecosystems.

ProgressSoft provides a range of payment solutions for financial institutions, including instant payments, payments hub, digital banking, and electronic KYC. Additional offerings include Buy Now Pay Later, electronic bill payments, message depot, and intelligent signature recognition. 

ProgressSoft is known globally for automating and improving the efficiency of payment, clearing, and settlement systems.

The partnership will enable ProgressSoft to leverage Fintech Galaxy’s FINX Comply and FINX Connect platforms, equipping banks and financial entities with tools to fast-track regulatory compliance, optimise digital payments, and monetise financial data securely. Furthermore, the two companies will collaborate on building national Open Banking hubs, providing regulators and central banks with a scalable financial infrastructure to accelerate sector-wide innovation.

Key benefits of the partnership

This collaboration aims to assist financial institutions in:

• lowering compliance costs and expediting regulatory approval processes by utilising pre-configured Open Banking solutions;

• increasing API connectivity to facilitate secure sharing of third-party financial data and enabling real-time digital transactions;

• ensuring the longevity of payment infrastructure by integrating Open Banking features with existing financial systems.

This partnership aligns with the regulatory changes in the financial sector and the growing need for Open Banking frameworks. It assists regulatory bodies, commercial banks, and fintech companies in embracing Open Banking and Embedded Finance solutions.