Fintech Galaxy Receives CBUAE Approval to Operate as UAE Open Finance Provider
Fintech Galaxy has received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) to operate as an Open Finance provider in the UAE.
The approval allows the company to participate in Al Tareq, the UAE’s Open Finance scheme for regulated, consent-based financial data sharing and service initiation. However, Fintech Galaxy will need to obtain its full licence before beginning regulated operations.
Fintech Galaxy targets UAE Open Finance market
The approval marks a significant step in Fintech Galaxy’s expansion of its financial technology platform. Once fully licensed, the company plans to combine Open Finance connectivity with artificial intelligence-powered financial intelligence and digital business finance services.
Moreover, the platform is intended to support financial institutions and fintech companies seeking to develop new financial products and customer services. The company also aims to use Open Finance connectivity to help institutions access financial data and initiate services with customer consent.
Open Finance is becoming an important component of the UAE’s digital financial infrastructure. The framework supports secure data sharing, the initiation of financial services, and the development of embedded financial services.
Fintech Galaxy plans to build on these capabilities by connecting financial data with AI-driven analysis. As a result, the company aims to help users move from access to financial information toward more actionable financial insights.
SME finance becomes a key focus
Small and medium-sized enterprises are expected to be a particular focus of Fintech Galaxy’s strategy.
The company is developing a Business Financial Management platform that combines banking, invoicing, payments, reconciliation, and cash-flow management in a single digital experience. Additionally, the platform is designed to incorporate embedded financing capabilities.
The objective is to help SMEs automate financial processes, improve liquidity management, and make more informed financial decisions. Therefore, the combination of Open Finance connectivity and financial management tools could provide businesses with more integrated access to financial information and services.
“Over the past year, we focused on building the foundations for what comes next. We strengthened our business, enhanced our technology, and aligned our strategy with the future of financial services. Today, we return with a renewed purpose: to help financial institutions unlock the full potential of Open Finance and Artificial Intelligence while supporting the UAE’s vision of becoming one of the world’s leading digital economies. We extend our sincere appreciation to the Central Bank of the UAE for its guidance throughout the licensing process and for its continued commitment to fostering a secure, innovative, and competitive financial ecosystem,” said Mirna Sleiman, Founder and CEO of Fintech Galaxy.
Fintech Galaxy said it intends to work with regulators, financial institutions, fintech companies, and other ecosystem participants as the UAE’s Open Finance framework develops.
The company plans to expand its role across Open Finance, artificial intelligence, and digital business finance once it secures its full regulatory licence.