Fintech Galaxy approved to test Open Banking in Jordan

This approval allows the company to test and deploy Open Banking services within a controlled real-market environment, marking the first such approval for an Open Banking company in Jordan.

The initiative aligns with the CBJ's Economic Modernization Vision (2023–2025), which aims to position Jordan as a regional hub for financial innovation. JoRegBox provides a supervised environment for fintech companies to trial new solutions, with the goal of advancing financial inclusion and improving consumer-oriented financial services.

Fintech Galaxy’s platform, FINX Connect, focuses on account information and payment initiation services, adhering to global and local regulatory standards. These capabilities enable secure data aggregation and real-time payment processing, enhancing access to tailored financial services for consumers while streamlining payment processes. The platform also supports Personal Finance Management (PFM) and Business Finance Management (BFM) use cases.

The company plans to integrate its services with most banks and financial institutions in Jordan, led by its local operations under Zaid Khatib. This expansion is part of Fintech Galaxy’s broader regional strategy, which includes securing regulatory approvals in Saudi Arabia, Bahrain, and the UAE.

Funding and compliance

To support its operations and growth, Fintech Galaxy has raised USD 9 million in funding to develop its platform and enter new markets. The company’s FINX platform complies with international Open Banking standards and data security regulations, including ISO/IEC 27001:2022 and SOC 2 Type 2 certifications.

Fintech Galaxy is regulated by the Central Bank of Bahrain and offers a range of Open Banking and Embedded Finance solutions, enabling financial institutions and third-party providers to securely share customer data with explicit consent. This facilitates the development of innovative financial services and creates new revenue opportunities for the financial sector.