Fintech Galaxy receives license from the Central Bank of Bahrain to become the first central bank regulated Open Finance platform

Fintech Galaxy receives license from the Central Bank of Bahrain to become the first central bank regulated Open Finance platform

- License follows the EU’s PSD2 and UK best practices

- FinTech Galaxy aims to re-imagine inclusive financial services in the MENA region where Open Finance is forecast to reach $11 billion by 2027

Dubai, UAE – Fintech Galaxy, the industry-leading financial innovation company, has become the first central bank regulated Open Finance platform in the MENA region after receiving a license from the Central Bank of Bahrain (CBB), allowing the firm to operate as a regulated Third-Party Provider (TPP) and transform the way banks, financial institutions and merchants attract new customers.

The Account Information Services Provider (AISP) license enables the company to integrate its Open Finance API platform, FINX, into multiple bank APIs through a unified interface, providing secure and consent-driven access to enrich customers’ account information.

Operating in full compliance with Bahraini Open Banking Standards and in alignment with the European Union’s PSD2 regulations and UK best practices, the license will help banks, financial institutions and merchants widen their customer base and provide innovative product offerings. These include a 360-degree view of a customer’s financial footprint to financial planning, budgeting and savings goals tailored to the end-user's financial behavior. Consumers also benefit by gaining faster, seamless access to other platforms and products