Through the partnership, ProgressSoft will leverage the FINX Comply and FINX Connect platforms from Fintech Galaxy, equipping banks and financial entities with tools to fast-track regulatory compliance, enhance digital payments, and monetise financial data securely.
The two firms will also collaborate on building national open banking hubs, providing regulators and central banks with a scalable financial infrastructure to accelerate sector-wide innovation.
By advancing open banking adoption across the financial sector and leveraging national payment infrastructures and existing payment rails, this collaboration enables banks, payment service providers (PSPs), and regulators to streamline compliance, enhance digital transactions, and build scalable financial ecosystems.
“Our collaboration with Fintech Galaxy presents a unique opportunity to redefine the Open Banking landscape,” explained Michael Wakileh, CEO at ProgressSoft. “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.”
This partnership aligns with the financial sector’s regulatory shifts and increasing demand for open banking frameworks, supporting regulatory bodies, commercial banks, as well as fintechs in adopting open banking and embedded finance solutions.
Enabling faster transactions
Riyadh Al Zamil, chairman of Fintech Galaxy’s board of directors, also added: “This partnership accelerates open banking adoption across MENA and the GCC, empowering financial institutions to comply faster, transact smarter, and innovate at scale. Together, we are building a more seamless, secure, and interconnected financial ecosystem.”
By joining forces, the two companies also hope to help financial institutions reduce compliance costs and shorten regulatory approval timelines by leveraging pre-configured open banking solutions. They also aim to improve API connectivity to enable secure, third-party financial data sharing and real-time digital transactions.
Ultimately, the partnership aims to help firms future-proof payment infrastructure by integrating open banking capabilities with established financial systems.