UAE-based Fintech Galaxy, a cross-border fintech marketplace, has launched its cloud-based open Innovation platform to drive collaboration, fuel innovation, and facilitate integration between financial and fintech companies.

The platformFinX22, 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.

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.”

“After 2 years of active prototyping with regulators, financial institutions and fintechs, we are now bringing to the market a platform that has a large database of global and regional fintechs, allows seamless matchmaking between fintechs and financial institutions, all while providing real-time access to Open Banking APIs through a standardized universal gateway. With FinX22, we are committed to creating a common regional digital space for better connectivity that will help speed up the process of digital transformation and move the needle in financial inclusion,” she added.

The platform offers extensive content on the region’s fintech hubs, regulations and educates the market through an interactive chatbot for regulatory policies, developed within the Arab Regional Fintech working group activities.

The open innovation platform will enable virtual Fintech acceleration and crowdsourcing of global solutions through innovation challenges, virtual hackathons and AI-powered matchmaking between FIs and fintechs.

FinX22’s marketplace is also powered by AI and provides a comprehensive list of fintechs from across the globe, connecting, rating and qualifying each fintech for collaboration, procurement and investment. The marketplace, which includes an extensive due diligence data room for fintechs, also provides investors with unique deal flow. Both FIs and fintechs will also be able to access unique market research and regulatory insights.

Through the FinX22 platform, fintech companies can build or access a future-proof, safe and secure digital banking environment by utilizing an open API sandbox built in compliance with global standards – thereby supporting the integration between FIs and fintechs for rapid prototyping, solution validation as well as commercialization.

Additionally, fintechs will be able to securely access simulated data from banking sandbox environments and drive modern solution development of new and innovative products and services, with enhanced agile Dev-Ops and speed to market. – TradeArabia News Service