Fintech Galaxy teams up with ProgressSoft to accelerate Open Banking in MENA

A new partnership between Fintech Galaxy and global provider of real-time payment solutions ProgressSoft aims to accelerate adoption of Open Banking and regulatory compliance across MENA.

Through the collaboration, ProgressSoft will make use of Fintech Galaxy’s ‘FINX Comply’ and ‘FINX Connect’ platforms to equip banks and financial institutions with the tools to “fast-track” regulatory compliance, improve digital payments, and monetise financial data securely.

By using pre-configured Open Banking solutions, financial institutions in the region will benefit from reduced compliance costs and shorter regulatory approval times, while improved API connectivity will enable third-party financial data sharing and real-time digital transactions.

Integrating Open Banking capabilities with established financial systems will create a “future-proof” payment infrastructure.

The two companies will also work together to create national Open Banking ‘hubs’, providing regulators and central banks with “a scalable financial infrastructure to accelerate sector-wide innovation”.

“Our collaboration with Fintech Galaxy presents a unique opportunity to redefine the Open Banking landscape,” said Michael Wakileh, ProgressSoft’s chief executive officer.

“We are proud to combine our strengths and deliver impactful solutions that support the financial ecosystem’s digital shift, with a focus on growing our presence in the MENA region and beyond.”

Open Banking and embedded finance infrastructure provider Fintech Galaxy is regulated by the Central Bank of Bahrain and has received initial regulatory approvals from central banks in Saudi Arabia, Jordan and UAE.

Riyadh Al Zamil, chair of Fintech Galaxy’s board of directors, added: “This partnership accelerates Open Banking adoption across MENA and the GCC, empowering financial institutions to comply faster, transact smarter, and innovate at scale.

“Together, we are building a more seamless, secure, and interconnected financial ecosystem.”

Earlier this year, cross-border payments company LuLu International Exchange partnered with Fintech Galaxy to facilitate account-to-account payments in Bahrain.

Fintech Galaxy is licensed by the Central Bank of Bahrain to offer account information services and payment initiation services in the Kingdom.

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