Fintech Galaxy receives Central Bank approval to test open banking in Jordan
Open Banking will contribute to Jordan's vision to become a regional leader in financial technology and a driver of financial inclusion in the region.
Fintech Galaxy has received the Central Bank of Jordan's (CBJ) approval to enter the regulatory sandbox, JoRegBox, to test and deploy Open Banking services in the Kingdom within a controlled real-market framework. This decision marks a significant milestone for Fintech Galaxy as it becomes the first Open Banking company to receive regulatory approval in Jordan.
This initiative is part of CBJ's broader vision for financial technology and innovation, launched in August 2023 under the Executive Program for the Economic Modernization Vision (2023–2025). The program aims to position Jordan as a regional hub for financial innovation and a destination for investment in advanced financial technologies. JoRegBox provides a structured environment where fintech companies can test innovative solutions under the supervision of CBJ, promoting financial inclusion and advancing consumer-focused financial services.
Riyadh Al Zamil, Chairman of Fintech Galaxy's Board of Directors commented: 'We are proud and honored to receive the Central Bank of Jordan's approval to test and introduce Open Banking services to the country through the JoRegBox regulatory sandbox. This milestone underscores our commitment to fostering financial inclusion, enabling innovation, and empowering Jordan's economy through Open Banking.'
Mirna Sleiman, Founder and CEO of Fintech Galaxy, remarked: 'The Central Bank of Jordan's approval is a testament to our shared vision of fostering innovation and inclusivity in the financial sector. By leveraging FINX Connect, we aim to empower financial institutions and third-party providers with data aggregation and payment initiation services, ultimately improving the lives of consumers across Jordan. Together, we aim to deliver secure, efficient, and transformative financial solutions for all stakeholders.'
Fintech Galaxy offers a suite of regulated and premium Open Banking services and solutions, enabling banks and payment providers to share customer real-time data with third-party providers securely and with explicit user consent. The FINX Connect platform facilitates real-time bank account data aggregation and payment initiation services. With its initial testing focus on account information services, the platform adheres to global and local regulatory standards, enhancing customer access to tailored financial services, streamlining payment processes, and unlocking new revenue opportunities for financial institutions and fintechs.
Fintech Galaxy has raised $9 million to invest in building its platform and expanding into new markets. Fintech Galaxy Jordan, led by Zaid Khatib, will be integrating with most banks and financial institutions across Jordan, providing Open Banking services to consumers with a special focus on Personal Finance Management (PFM) and Business Finance Management (BFM) use cases.
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