Fintech Galaxy enters Central Bank of Jordan’s sandbox to test Open Banking

Fintech Galaxy has been approved by the Central Bank of Jordan to enter its regulatory sandbox, JoRegBox, making it the first Open Banking company to receive regulatory approval in the country and be accepted into the sandbox.

JoRegBox provides an environment in which Fintech Galaxy can test and deploy Open Banking services in the Kingdom within a controlled real-market framework, under the supervision of the central bank.

The sandbox initiative is part of the Executive Program for the Economic Modernization Vision 2023-2025, launched by the Central Bank of Jordan in August 2023, with the aim to position Jordan as a regional hub for financial innovation and a “destination” for investment in fintech.

Fintech Galaxy Jordan, led by Zaid Khatib, will integrate with most banks and financial institutions in Jordan to provide Open Banking services to consumers, with a focus on personal finance management and business finance management use cases.

Riyadh Al Zamil, chair of Fintech Galaxy’s board of directors, said: “We are proud and honored to receive the Central Bank of Jordan’s approval to test and introduce Open Banking services to the country through the JoRegBox regulatory sandbox.

“This milestone underscores our commitment to fostering financial inclusion, enabling innovation, and empowering Jordan’s economy through Open Banking.”

Fintech Galaxy offers a range of Open Banking services and solutions to enable banks and payment providers to share consumer-permissioned real-time data with third-party providers.

Its ‘FINX Connect’ platform facilitates real-time bank account data aggregation and payment initiation services, with initial testing focused on account information services.

Mirna Sleiman, founder and chief executive officer, Fintech Galaxy

Mirna Sleiman, founder and chief executive officer of Fintech Galaxy, added: “The Central Bank of Jordan’s approval is a testament to our shared vision of fostering innovation and inclusivity in the financial sector.

“By leveraging FINX Connect, we aim to empower financial institutions and third-party providers with data aggregation and payment initiation services, ultimately improving the lives of consumers across Jordan. Together, we aim to deliver secure, efficient, and transformative financial solutions for all stakeholders.”

To date, Fintech Galaxy has raised $9 million to invest in building out its platform and expanding into new markets.

Regulated by the Central Bank of Bahrain, Fintech Galaxy has also received initial regulatory approvals from central banks in Saudi Arabia and UAE.

Further reading: Yabx integrates with Fintech Galaxy to lend to MENA’s underserved