Dubai - Sharikat Mubasher: Fintech Galaxy, a leader in advancing Open Finance across the Middle East, received In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates (CBUAE) to operate as an Open Finance provider in the UAE.
The approval establishes Fintech Galaxy as one of the first home-grown companies to achieve this milestone, the company stated in a press release today.
The IPA enables the fintech company to participate in Al Tareq, the UAE's Open Finance scheme, designed to provide a common regulated framework for secure, consent-based financial data sharing and service initiation across the financial ecosystem.
Once fully licensed, Fintech Galaxy plans to deliver an integrated platform combining secure Open Finance connectivity, AI-powered financial intelligence, and digital business finance solutions, helping financial institutions and fintechs accelerate innovation, create more intelligent customer experiences, and unlock new revenue opportunities.
Commenting on this milestone, Mirna Sleiman, founder and CEO of Fintech Galaxy, said: “Over the past year, we focused on building the foundations for what comes next. We strengthened our business, enhanced our technology, and aligned our strategy with the future of financial services. Today, we return with a renewed purpose: to help financial institutions unlock the full potential of Open Finance and Artificial Intelligence while supporting the UAE's vision of becoming one of the world's leading digital economies. We extend our sincere appreciation to the Central Bank of the UAE for its guidance throughout the licensing process and for its continued commitment to fostering a secure, innovative, and competitive financial ecosystem."
Focusing on the SMEs sector, Fintech Galaxy is developing a Business Financial Management platform that brings banking, invoicing, payments, reconciliation, cash-flow management, and embedded financing into a single intelligent experience, helping SMEs automate financial operations, improve liquidity, and make better financial decisions.