UAE-based Fintech Galaxy, the first Central Bank-regulated Open Finance platform in the Middle East, announced the acquisition of Underlie, an Egypt-based Open Banking platform offering APIs to banks and businesses. The deal will help to set FTG’s Open Finance and Open Banking wheels in full motion across the region, develop and launch new digital solutions and push financial inclusion forward.
The main forces driving Egypt’s digital revolution are open banking and open finance. Assisted by a 230% increase in cashless transactions and a local open finance market that is anticipated to grow by 25% yearly over the next five years, the nation is swiftly developing into a thriving FinTech powerhouse. Egypt offers a chance to expedite the adoption of the Open API standard, presenting the nation as a significant milestone in Fintech Galaxy’s strategic Open Banking/Open Finance roadmap. Egypt has roughly 39 banks nationally.
Underlie’s Open Banking platform and expertise have seen amazing growth in the Egyptian market due to its strong API connectivity and payment capabilities and offering custom-fitted products to consumers. The company has a customer-centric approach and aims to understand the FIs’ needs and point towards areas to give them better revenue streams and tailored products and services. These features will better help Galaxy’s vision with existing distribution channels, technology, data practices, and relentless focus on quality.
Riyadh Al Zamil, Chairman of Fintech Galaxy’s Board of Directors and Investors said “Underlie’s expertise in building Open Banking APIs and knowledge of the local market will help us speed up our Egypt market penetration, boost the expansion in the region and release countless opportunities to create new Open Banking/Open Finance-enabled use cases,”
Al Zamil added that all of Underlie’s current employees have been retained and warmly welcomed to the Fintech Galaxy Egypt operations.
Mirna Sleiman, CEO, and Founder of Fintech Galaxy said “The acquisition of Underlie anchors our Open Banking/Open Finance efforts and enables us to succeed in providing enhanced, seamless, and enjoyable financial experiences, expanding, and consolidating our position across the MENA markets. Cross-border collaboration is key to moving the needle on financial inclusion in Egypt and beyond.”
Present in the UAE, KSA, Bahrain, Egypt, Lebanon and Moldova, Fintech Galaxy continues to broaden its offering for banks, financial institutions, merchants, and FinTechs as it pursues its ambition to build the most secure, reliable, and developer-friendly Open Finance platform across the MENA region and beyond.
