UAE-based Fintech Galaxy has received in-principle approval from the Central Bank of the UAE (CBUAE) to operate as an Open Finance provider.
The approval allows the company to participate in Al Tareq, the UAE’s Open Finance scheme for regulated, consent-based financial data sharing and service initiation. Fintech Galaxy said it is among the first home-grown companies to reach this stage.
The company plans to combine Open Finance connectivity, AI-powered financial intelligence and digital business finance solutions once it secures a full licence. Its target users include financial institutions and fintechs seeking to develop digital services and improve customer experiences.
Small and medium-sized businesses will be a particular focus. Fintech Galaxy is developing a Business Financial Management platform that brings banking, invoicing, payments, reconciliation, cash-flow management and embedded financing into one service.
“This is not simply the next chapter for Fintech Galaxy,” said Mirna Sleiman, the company’s founder and CEO. She said the company had spent the past year strengthening its business, technology and strategy around the future of financial services.
Source: Zawya
