Latest news with #RiyadhAlZamil
Zawya
11-03-2025
- Business
- Zawya
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 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
Zawya
30-01-2025
- Business
- Zawya
Fintech Galaxy receives Central Bank approval to test open banking in Jordan
Through its FINX Connect platform, Fintech Galaxy aims to empower third-party providers with secure, consent-driven access to customer data for innovative financial services. 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.
