Fintech Galaxy and ProgressSoft join forces to advance open banking in MENA
Fintech Galaxy, a regional leader in Open Banking and financial innovation, and ProgressSoft, a global provider of real-time payment solutions, have partnered to fast-track Open Banking adoption and regulatory compliance across MENA. By advancing Open Banking adoption across the financial sector and leveraging national payment infrastructures and existing payment rails, this collaboration enables banks, payment service providers (PSPs), and regulators to streamline compliance, enhance digital transactions, and build scalable financial ecosystems.
The partnership will enable ProgressSoft to leverage Fintech Galaxy's FINX Comply and FINX Connect platforms, equipping banks and financial entities with tools to fast-track regulatory compliance, enhance digital payments, and monetize financial data securely. Additionally, the two companies will collaborate on building 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."
This partnership aligns with the financial sector's regulatory shifts and increasing demand for Open Banking frameworks, supporting regulatory bodies, commercial banks, and fintechs in adopting Open Banking and embedded finance solutions.
'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.' — Riyadh Al Zamil, Chairman of Fintech Galaxy's Board of Directors.
This collaboration is designed to help financial institutions:
Reduce compliance costs and shorten regulatory approval timelines by leveraging pre-configured Open Banking solutions.
Improve API connectivity to enable secure, third-party financial data sharing and real-time digital transactions.
Future-proof payment infrastructure by integrating Open Banking capabilities with established financial systems.
Fintech Galaxy is a leading Open Banking provider in MENA, regulated in Saudi Arabia, UAE, Jordan, and Bahrain, and integrated with 15+ banks across the GCC. Beyond compliance, it empowers banks to unlock new value, enhancing financial services and customer experiences. With ISO/IEC 27001:2022 and SOC 2 Type 2 certifications, Fintech Galaxy ensures top-tier security and regulatory adherence. Backed by $9M in funding, it continues to expand Open Banking, driving a more connected and inclusive financial ecosystem.
About Fintech Galaxy
Fintech Galaxy is a regional financial innovation company, providing reliable and secure Open Banking and Embedded Finance infrastructure for integration between industry players. Regulated by the Central Bank of Bahrain, Fintech Galaxy also received initial regulatory approvals from Central Banks in Saudi Arabia, Jordan and UAE. The company's platform, FINX, is built on international and local Open Banking standards with the best-in-class data and information security protocols and ISO/IEC 27001:2022 and SOC 2 Type 2 compliance for Information and Data Security.
More on www.fintech-galaxy.com
About ProgressSoft Corporation
ProgressSoft Corporation is a leading provider of real-time payment solutions tailored to the needs of the financial sector. Founded in 1989, ProgressSoft's commitment to innovation, quality, and customer satisfaction has earned it a loyal customer base of more than 370 banks, central banks, payment service providers and financial institutions in 25 countries.
ProgressSoft offers a suite of payment solutions that cater to the evolving needs of financial institutions. These solutions include instant payments, payments hub, digital banking, electronic know your customer and electronic check solutions. This is in addition to buy now pay later, electronic bill payments and presentment, message depot and intelligent signature recognition among others. Today, ProgressSoft is a globally trusted and reliable partner for automating and enhancing the efficiency of payment, clearing, and settlement systems, with its solutions recognized for their excellence in innovation and efficiency.
For more information visit www.progressoft.com
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