Payment and financial solutions provider ProgressSoft has joined forces with Fintech Galaxy to advance Open Banking in the financial sector.
This collaboration aims to accelerate Open Banking adoption across the financial sector by establishing national Open Banking hubs and enhancing API connectivity, secure data sharing, and transaction flows among banks, fintechs, and payment service providers.
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ProgressSoft will integrate Fintech Galaxy’s Open Finance API aggregation and compliance platforms to provide financial institutions with the necessary tools to speed up regulatory compliance.
Fintech Galaxy founder and CEO Mirna Sleiman said: “The financial industry is evolving rapidly, and Open Banking is no longer an option—it’s a necessity.
“Our partnership with ProgressSoft ensures that financial institutions have access to agile, compliant and scalable solutions that help them stay ahead of regulatory and market demands.”
This partnership is set to enhance secure digital payments and create payment infrastructures that are “future-proof”, focusing on improving transaction speed and security while adhering to regional and international standards.
ProgressSoft CEO Michael Wakileh said: “Our collaboration with Fintech Galaxy presents a unique opportunity to redefine the Open Banking landscape.
“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.”
In June 2024, Fintech Galaxy partnered with Yabx to improve SME lending, collections, and customer onboarding in the UAE, Saudi Arabia, Jordan, and Bahrain, with plans for expansion into North Africa.
Yabx will utilise Fintech Galaxy’s FINX Connect for these enhancements.
