Many countries in the Middle East and North Africa (MENA) are adopting open banking, which Fintech Galaxy has made a key pillar of its growth strategy in the region.
UAE-based Fintech Galaxy, the first Central Bank-regulated Open Finance platform in the Middle East, announced the acquisition of Underlie, an Egypt-based Open Banking platform offering APIs to banks and businesses. The deal will help to set FTG’s Open Finance and Open Banking wheels in full motion across the region, develop and launch new digital solutions and push financial inclusion forward.
Open Banking and Open Finance – are the key engines behind the digital transformation in Egypt. The country is quickly becoming a flourishing FinTech hub bolstered by 230% growth in cashless payments and the local Open Finance market that is expected to grow by 25% annually during the next 5 years. Egypt has almost 39 banks nationwide, and it presents an opportunity for fast-tracking the implementation of the Open API standard, positioning the country as an important landmark in Fintech Galaxy’s strategic Open Banking/Open Finance roadmap.
Present in the UAE, KSA, Bahrain, Egypt, Lebanon and Moldova, Fintech Galaxy continues to broaden its offering for banks, financial institutions, merchants, and FinTechs as it pursues its ambition to build the most secure, reliable, and developer-friendly Open Finance platform across the MENA region and beyond.
Fintech Galaxy was founded in the United Arab Emirates as a global platform that fuels innovation in financial services, drives ecosystem collaboration, and facilitates Open Banking API integration between financial institutions and FinTech companies.
Underlie is an Egypt-based Open Banking platform offering application programming interfaces (APIs) to banks.