Fintech Galaxy, a financial innovation firm, has announced the addition of a team of global Open Banking/Finance experts as it seeks to expand its product offering and presence throughout the MENA region. The Open Finance experts have joined Fintech Galaxy to help it achieve its mission of increasing financial inclusion and bringing open banking and finance to the MENA region through its fast, secure, and developer-friendly proprietary platform www.thefinx.io. Open Finance is the next step in the evolution of Open Banking.
“Our new solutions have been built in response to growing demand from FSIs around the world for cloud products capable of accelerating their digitalization and enhancing the customer experience,” said Raymond Xiao, Head of International Industry Solutions and Architecture, Alibaba Cloud Intelligence. “By leveraging our extensive cloud capabilities and industry know-how, we have developed a comprehensive suite of solutions to advance growth and innovation in the finance sector”.
Microsoft announced that Majid Al Futtaim Retail, the operator of the Carrefour retail brand in 16 countries across the Middle East, Africa, and Asia, has transformed its financial planning and analysis (FP&A) capabilities by leveraging the power of the Microsoft Azure Data Platform. The finance team at Majid Al Futtaim Retail used the Azure Analytics Platform to fully automate financial and operational reporting and create a single source of truth for decision-makers. Data silos posed a significant challenge for Majid Al Futtaim Retail.
Legacy hardware and software are two of the most significant impediments to FinServ architecture upgrades. Organizations are forced to use obsolete technology due to the prohibitive cost of refactoring and re-platforming their core systems. Companies no longer need to be stymied by legacy technology. The Nutanix Cloud Platform has been demonstrated to provide a staggering 477% ROI in 5 years while lowering TCO by two-thirds. This entails maximizing the company’s investment in on-premises infrastructure in the near future.
Veracode, a global provider of application security testing solutions, released data revealing that the financial services industry ranks among the best in terms of overall flaw percentage when compared to other industries, but has one of the lowest fix rates for software security flaws. The sector also ranks in the middle of the pack for high-severity flaws, with 18% of applications containing a serious vulnerability, with 18% of applications containing a serious vulnerability, implying that financial firms should prioritize identifying and remediating the flaws that matter the most.