Fintech Galaxy lands TPP licence from Central Bank of Bahrain
UAE-based Fintech Galaxy has become the first central bank regulated open finance platform in the Middle East and North Africa (MENA) region after receiving a licence from the Central Bank of Bahrain (CBB).
The Account Information Services Provider (AISP) licence, which is compliant with both Bahrain’s open banking standards and in alignment with the European Union’s PSD2 regulations, allows the firm to operate as a regulated Third-Party Provider (TPP) and integrate its FINX platform with multiple bank APIs.
Integrating with banks, financial institutions and merchants, FINX will provide “secure and consent-driven” access to customers’ account information, allowing firms to attract new customers and offer new financial services.
Financial institutions and merchants will be able to access a holistic view of a customer’s financial footprint and offer financial planning, budgeting and savings goals tailored to their financial behaviours.
Mirna Sleiman, CEO and founder of Fintech Galaxy, says: “By getting the FINX platform licensed as a TPP in Bahrain, our vision as a regulated Open Finance platform is moving the needle on financial inclusion.
“Crucially, we are now primed to accelerate financial inclusion for many millions of people as we lead a market that is forecast to grow by more than seven-fold to reach $11.74 billion by 2027.”