Following this announcement, the company will focus on the development of the country’s digital financial sector. The FINX Comply platform was developed in order to provide fast-to-market, cost-friendly, secure, and robust Open Banking and Open Finance compliance services to banks, financial institutions, insurance companies, and other firms.
Fintech Galaxy was licensed by the Central Bank of Bahrain (CBB) in order to provide Open Banking and Open Finance solutions and services to customers in the UAE area. The firm was certified by Saudi Payments as a Sponsor TPP and is ISO/IEC 27001:2022 and SOC 2 Type 2 compliant for Information and Data Security. At the same time, Fintech Galaxy leverages its robust FINX platform in order to provide security, efficiency, regulatory compliance, and user-friendly Open Banking capabilities.
The FINX Comply was developed as a cloud-based SaaS solution that delivers an Open API Gateway with compliance, as well as an Account Information Service (AIS)/ and Payment initiation service (PIS). In addition, the product suite includes Third Party Provider (TPP) management, comprehensive TPP and Bank dashboards, and Consent Management based on regional standards. This will allow banks and financial institutions to access fast, safe, and efficient experiences during the process of integrating with centralised API platforms that are offered by Central Banks.
The platform also provides a comprehensive set of APIs, including PIS and AIS, fully confirmed with local regulations like the Open Banking Framework (OBF) in the region of the UAE. It will also deliver TPP and Bank dashboards metrics, insights, and analytics to monitor performance Consent Management, as well as tailored and developer-friendly API documentation for banks and TPPs. Fintech Galaxy provides FINX Connect in order to enable Account Aggregation (AIS) and Payment Initiation (PIS) solutions, leveraging Open Banking standards. Banks and financial institutions will be enabled to develop new API products and value-added tools on top of the mandated regulatory use cases, leading to new revenue streams and monetisation options. These will include Personal Financial Management (PFM) apps, Pay by Bank, Variable Recurring Payments (VRPs), and SME credit scoring.
By launching FINX Comply in the UAE, Fintech Galaxy aims to expand its footprint in the region and provide solutions to financial institutions in order to keep up with the ever-evolving regulatory environment that surrounds Open Banking and Open Finance. As the United Arab Emirates announced its plans to embrace Open Finance in order to optimise customer experience, lower costs, and increase competition, this launch will focus on meeting the needs, preferences, and demands of Fintech Galaxy’s clients and partners.
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