UAE - Fintech Galaxy launches open innovation platform
Friday, 07 10 2020, Category: Technology, Country: U.A.E
Dubai: Fintech Galaxy, the UAE-based cross-border fintech marketplace and innovation crowdsourcing platform, announced today that it has launched FinX22, its cloud-based open Innovation platform that aims at driving collaboration, fueling innovation, and facilitating integration between financial institutions and fintech companies.
The platform, which is now live, is hosted on a world-class cloud platform on regional data centres and is based on international standards. It has been designed and launched in collaboration with the Central Bank of Bahrain (Bahrain), the Arab Fintech Working Group of the Arab Monetary Fund (AMF) The Arab Federation of Exchanges (Lebanon), Emirates NBD (UAE), Banque Saudi Fransi (Saudi Arabia), Egyptian Gulf Bank (Egypt), Jordan Ahli Bank (Jordan), The Benefit Company (Bahrain) and Gulf International Bank (Bahrain).
FinX22 focuses on three core areas. Firstly, the platform provides an Open Banking API sandbox that enables fintech companies to develop, test and deploy fintech solutions. The sandbox comes with its own API Manager which handles access control, monitoring and authentication. Secondly, the platform offers a comprehensive marketplace that connects FIs to thousands of fintechs from across the globe. Finally, the platform enables institutions to run virtual hackathons, innovation challenges and incubation/ acceleration programs. Regulators, FIs and academic institutions will also be able to boost their research and development activities by tapping into the platform’s crowdsourcing solutions, to solve significant customer pain points in the financial and banking space and improve the overall customer experience.
Speaking about the launch of the platform, Mirna Sleiman, Founder & CEO, Fintech Galaxy, said: “Our strategic goal is to rebuild the future of inclusive financial services across the 22 Arab countries. The launch of this platform comes at a critical time, when financial institutions are increasingly focusing on implementing digital transformation strategies to drive business growth, despite the current outbreak of Covid-19. We are confident that with FinX22 we will be able to help alleviate some of the bigger issues that the market is currently facing as a result of the pandemic.”