Fintech Galaxy collaborates with ProgressSoft to expedite Open Banking in the Middle East and North Africa region

In a significant move to enhance digital payments and regulatory compliance in the Middle East and North Africa (MENA) region, LuLu International Exchange-affiliated Fintech Galaxy has partnered with ProgressSoft. This collaboration, announced earlier this year, aims to equip banks and financial institutions with tools for faster regulatory compliance, improved digital payments, and secure monetization of financial data.

Riyadh Al Zamil, chair of Fintech Galaxy's board of directors, expressed his excitement about the partnership, stating that it will accelerate Open Banking adoption across MENA and the Gulf Cooperation Council (GCC). The partnership will create national Open Banking 'hubs' for regulators and central banks, starting with Jordan.

ProgressSoft will leverage Fintech Galaxy's 'FINX Comply' and 'FINX Connect' platforms to integrate Open Banking capabilities with established financial systems. This collaboration is expected to create a future-proof payment infrastructure and redefine the Open Banking landscape.

Improved API connectivity will enable third-party financial data sharing and real-time digital transactions. Pre-configured Open Banking solutions will benefit financial institutions in the region with reduced compliance costs and shorter regulatory approval times.

Michael Wakileh, ProgressSoft's chief executive officer, expressed pride in combining their strengths to deliver impactful solutions. Fintech Galaxy, licensed by the Central Bank of Bahrain to offer account information services and payment initiation services in the Kingdom, has also received initial regulatory approvals from central banks in Saudi Arabia, Jordan, and the United Arab Emirates.

The partnership is expected to accelerate Open Banking adoption and regulatory compliance in MENA. For further reading, Fintech Galaxy has entered the Central Bank of Jordan's sandbox to test Open Banking. This collaboration empowers financial institutions to comply faster, transact smarter, and innovate at scale. Integrating Open Banking capabilities with established financial systems will create a future-proof payment infrastructure, setting the stage for a digital-first financial future in the region.