Fintech Galaxy and ProgressSoft join forces to advance open banking in MENA
Integration of Open Banking solutions and real-time payments will enable seamless compliance, secure transactions, and financial data connectivity.
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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
3 days ago
- Zawya
The Chance to win travel vouchers for NBK-Mastercard Holders when making foreign-currency purchases
Al Ballam: NBK is keen on rewarding its customers around the year with exclusive and valuable campaigns Winners can redeem the vouchers at over 500 airlines and 1.2 million hotels around the world In line with its continuous efforts to enrich its customers' banking experience with unique campaigns and exceptional rewards that correspond to their different lifestyles and needs, the National Bank of Kuwait and Mastercard are partnering to reward 115 top spending customers with travel vouchers simply for using their NBK-Mastercard when spending in foreign currency during the period from June 1 to June 30, 2025. This offer allows winners the chance to win a travel voucher worth up to KD 150, provided by Mastercard, which can be redeemed at more than 500 different airlines and over 2.1 million hotels around the world. To get the chance to win, there are minimum spending limits during the campaign period, according to the card used in making the purchases, and they are as follows: 1. Spend a minimum of KD 550 if they hold any of the following cards: NBK-Aura World Mastercard Credit Card NBK Miles World Mastercard Credit Card World Mastercard Credit Card UEFA Champions League World Mastercard Credit Card issued by NBK 2. Spend a minimum of KD 300 if they hold any of the following cards: NBK Platinum Mastercard Credit Card 3. Spend a minimum of KD 200 if they hold any of the following cards: NBK Titanium Mastercard Credit Card NBK Laki Titanium Mastercard Credit Card Voucher distribution: Mastercard Platinum & Titanium: 65 vouchers, valued at KD 75 each. Mastercard World: 50 vouchers, valued at KD 150 each. Commenting on this campaign, Anwar Al Ballam AVP- Cards services, at Consumer Banking Group, at National Bank of Kuwait said: 'We are keen at NBK on rewarding our customers by launching exclusive campaigns around the year that guarantee an exceptional and distinguished experience for them beyond banking services and correspond to their different lifestyles and needs.' Al Ballam also added: 'Through this campaign in partnership with Mastercard, we strive to celebrate our NBK-Mastercard Credit Card and NBK-Mastercard Prepaid Card holders and enable them to gain massive benefits while helping them turn purchases into memorable trips.' It is noteworthy that NBK's Credit Cards are the best way to make payments, as holders access many benefits with ease, especially while shopping, including NBK Rewards and NBK Miles Programs, as well as Purchase Protection and Extended Warranty Services.
Zawya
3 days ago
- Zawya
Fed's Bowman confirmed by Senate to central bank's top regulatory post
WASHINGTON - Federal Reserve Governor Michelle Bowman was confirmed to the central bank's top regulatory post by the U.S. Senate on Wednesday, where she is expected to push an agenda aimed at easing rules for banks. Bowman, a former community banker who President Donald Trump nominated to the Fed's Vice Chair for Supervision role in March, has served on the Fed's board as a governor since 2018. She was confirmed by a vote of 48 to 46. In her new role, Bowman will lead the Fed's efforts to supervise and write rules for the nation's largest and most complex banks. That is expected to include easing leverage rules for large banks, making the annual "stress test" of big banks more transparent, and rolling out simpler capital rules for large firms, according to analysts. When she testified before lawmakers in April, she said current financial rules have grown "overly complicated and redundant" and impose unnecessary costs on banks and their customers. She has vowed to be a "pragmatic" regulator, as the Trump administration has made trimming rules in a bid to boost economic growth a top priority. (Reporting by Pete Schroeder; editing by Diane Craft)
Zawya
4 days ago
- Zawya
CBUAE issues commemorative coins to mark Golden Jubilee of Dubai Islamic Bank
The Central Bank of the UAE (CBUAE) has issued 7,000 silver commemorative coins to mark the Dubai Islamic Bank's (DIB) Golden Jubilee and to honour its achievements in the banking sector since its establishment in 1975. The issuance includes 2,000 coins of 50 grams and 5,000 coins of 20 grams. The obverse of the coin features the inscription "50 Years of Progress", the mnemonic descriptor of this occasion in Arabic and English, signifying the 1975- 2025 period, along with the name "Dubai Islamic Bank" in both languages. The reverse side displays the nominal value of "50 dirhams" in Arabic, encircled by the inscription "Central Bank of the UAE' in both Arabic and English. The issuance of the coin comes as part of DIB celebration of its anniversary and the launch of its journey full of growth, development, and achievements over fifty years, making it a prominent financial institution in the UAE that provides innovative banking services to individuals and companies, in line with the economic and developmental aspirations of the country. The commemorative coins will be formally handed over to DIB and will not be available for sale to public through CBUAE or DIB. Saif Humaid Aldhaheri, the CBUAE's Assistant Governor for Banking Operations and Support Services, said: 'The Central Bank issues these commemorative coins that embody DIB's fifty-year journey of contributions and successes and its effective role in supporting the national economy. This issuance reflects the central bank's support to document the prominent institutional achievements that are integral to the financial sector's history, and it highlights the continuous efforts to enhance trust and financial stability in the UAE.' Dr. Adnan Chilwan, Group Chief Executive Officer of DIB, said: 'We are deeply honoured by the Central Bank of the UAE's gesture in adopting the DIB initiative and issuing commemorative coins to mark our 50-year legacy. More than symbolic tribute, it reflects the enduring partnership between DIB and the nation's financial ecosystem, and our shared commitment to building a resilient, inclusive, and forward-looking economy. As we celebrate five decades of pioneering Islamic finance, this recognition reinforces our resolve to lead with purpose, inspire innovation, and shape the future of banking in the UAE and beyond.'
