Fintech Galaxy expands as it acquires Egypt's Open Banking platform Underlie

This deal is set to help Fintech Galaxy’s Open Finance and Open Banking services develop over the region and launch new digital solutions for its clients, as well as pushing financial inclusion forward. 

Underlie’s experience and expertise in building Open Banking APIs and its knowledge of the local market will help Fintech Galaxy to grow into the Egyptian market, as mentioned by Riyadh Al Zamil, Chairman of Fintech Galaxy’s Board of Directors and Investors.

Egypt is set to become a well-developed Fintech region, maintained by 230% growth in cashless payments. The local Open Finance market also contributes, as it is expected to grow by 25% annually during the next 5 years. Egypt has almost 39 banks nationwide as well, presenting the opportunity for fast-tracking the implementation and regulation of the Open APIs standard. 

Underlie’s Open Banking services include a strong API connectivity and payment capabilities, offering their clients custom-made products as well. The company’s approach to strategy to understand FIs’ needs offer them the possibility to make new proposed revenue streams and tailored services and products. Following the deal with Fintech Galaxy, the customers will see a new vision on existing distribution channels, technology, data practices, and relentless focus on quality.

UAE-based global platform Fintech Galaxy is a company that provide their clients financial services, facilitates Open Banking API integration between financial institutions and fintech companies, as well as driving ecosystem collaborations. 

Its platform is called FINX and it was designed to offer an Open Finance infrastructure that ensures safe, secure and stable API integrations between all industry players. It also offers more control over payments and data to the customers and clients. 

Currently, Fintech Galaxy is present in UAE, Bahrain, Egypt and KSA, and offers their services and solutions to over 200 banks and fintech companies around these regions. 

Their product, API Sandbox, offer their customer the possibility to access an operational and self-contained sandbox environment for secure testing, as well as the ability to publish and consume APIs to have fast development and deployment of their products and apps.
 
Underlie’s strategy 

Underlie is an Egypt-based company that leverages Open-API technology and machine learning to offer banks and fintech companies the possibility to provide their customers with safer services and benefits. The technology and solutions provided by Underlie launch data driven propositions for their clients by keeping in the in-house development.