Fintech Galaxy and ProgressSoft have formed a strategic alliance to drive the adoption of Open Banking and ensure regulatory compliance across the MENA region. Fintech Galaxy provides secure Open Banking and Embedded Finance infrastructure, offering integration among industry players. Regulated by the Central Bank of Bahrain, it has received initial regulatory approvals from the Central Banks of Saudi Arabia, Jordan, and the UAE.
This collaboration aims to simplify compliance and increase digital transactions across the financial sector by leveraging national payment infrastructures alongside existing systems. It enables banks, payment service providers (PSPs), and regulators to build scalable financial ecosystems.
ProgressSoft, renowned for its efficient payment, clearing, and settlement systems, offers solutions such as instant payments, digital banking, and electronic KYC. Their offerings also include Buy Now Pay Later, electronic bill payments, and intelligent signature recognition.
By integrating Fintech Galaxy’s FINX Comply and FINX Connect platforms, this partnership provides banks and financial entities with tools to streamline regulatory compliance, optimise digital payments, and securely monetize financial data. The collaboration will also focus on developing national Open Banking hubs, providing regulators and central banks with scalable infrastructure to drive innovation in the sector.
Key benefits of the partnership include:
- Reducing compliance costs and speeding up regulatory approvals with pre-configured Open Banking solutions.
- Enhancing API connectivity to enable secure third-party financial data sharing and facilitate real-time transactions.
- Ensuring the sustainability of payment infrastructure by integrating Open Banking features into existing systems.
This partnership supports the growing demand for Open Banking frameworks and helps regulatory bodies, commercial banks, and fintech companies embrace Open Banking and Embedded Finance solutions across the MENA region.
