Open banking and financial innovation company Fintech Galaxy has introduced open banking compliance services, dubbed FINX Comply, in the UAE.

By launching the new platform, Fintech Galaxy aims to provide banks, insurance companies, and other financial institutions with fast-to-market, affordable, and reliable open banking and open finance compliance solutions.

FINX Comply is a cloud-based software as a service (SaaS) solution.

It offers an open application programming (API) gateway with compliance and account information service (AIS)/payment initiation service (PIS) APIs, third party provider (TPP) management, TPP and bank dashboards, and consent management.

The newly launched solution also enables banks and financial institutions to get the benefits of a fast, secure, and seamless experience when integrating with centralised API platforms offered by central banks.

Besides, the new platform provides an extensive set of APIs, including AIS and PIS, fully aligned with local regulations.

FINX Comply’s TPP and bank dashboards come with metrics and analytics to monitor performance, consent management, and tailored and developer-friendly API documentation for banks and TPPs.

Furthermore, Fintech Galaxy provides FINX Connect, which uses open banking standards to allow account aggregation and payment initiation services, as an addition to FINX Comply.

Fintech Galaxy founder and CEO Mirna Sleiman said: “Our platform is designed to offer fast-to-market, cost-friendly, and robust Open Banking and Open Finance compliance solutions to banks and financial institutions in the UAE, ensuring that they become compliant and align with Open Banking and Open Finance regulations.

“This launch reflects our relentless commitment to promote financial inclusion, encourage innovation in the MENA region’s financial services sector, and drive the growth of Open Banking in the UAE and beyond.”

Last year, Fintech Galaxy secured $5.5m in pre-Series A round to advance the development of an advanced open finance platform.