In this insightful interaction with The Catalyst, Mirna Sleiman, Founder & CEO, Fintech Galaxy shares valuable insights about building an Open Finance platform and the dynamic evolution of the FinTech solutions in the MENA region. She emphasizes the role of innovation, collaboration, and regulatory modernization in shaping the sector, emphasizing how Fintech Galaxy is at the forefront of driving this transformation.
What are some of the key initiatives and practices that define Fintech Galaxy as a leader in Open Finance?
Fintech Galaxy is a pioneering entity, recognized as one of the first central bank-regulated Open Finance platform in the MENA region. The company focuses on fostering innovation, inclusion, and collaboration across the financial ecosystem. Its FINX ecosystem, which includes FINX Connect and FINX Comply, enables secure data sharing, compliance with regulations, and seamless integration of fintech solutions into traditional banking operations. Working closely with regulators, FinTech Galaxy adheres to globally recognized standards, such as ISO/IEC 27001:2022 and SOC 2 Type 2, to guarantee data security and earn consumer trust. One of its most impactful initiatives, FinHub973, provides a regulated sandbox for co-developing innovative financial solutions with fintechs, setting the stage for ground-breaking industry advancements.
Which fintech trends are currently shaping the MENA market, and how do they differ from trends in more mature markets?
The MENA region is experiencing rapid evolution in fintech, driven by trends such as Open Finance, financial inclusion, and regulatory modernization. Open Finance platforms are becoming foundational, enabling broader access to personalized financial services. Simultaneously, mobile banking and alternative credit scoring initiatives are addressing the needs of the unbanked and underbanked. Unlike mature markets, where the focus lies on advanced technologies like embedded finance, AI-driven personalization, and blockchain, MENA markets often bypass traditional legacy systems, directly adopting scalable solutions tailored to local structural challenges like limited financial literacy and underdeveloped infrastructure
How do fintech innovations contribute to financial inclusion in the MENA region?
FinTech innovations play a transformative role in driving financial inclusion across the MENA region by reducing barriers to access and cost. Mobile wallets and microcredit platforms have introduced essential financial services to millions, enabling broader participation in the formal economy. By utilizing alternative credit scoring based on non-traditional data, fintech solutions offer credit access to individuals previously excluded from financial systems. API-driven technologies further streamline the delivery of affordable services, ensuring accessibility even in remote or underserved areas, effectively bridging the financial divide.
How does Fintech Galaxy help corporations accelerate their innovation journey?
Fintech Galaxy empowers corporations and financial institutions to innovate rapidly through its FINX platform. This API-based infrastructure connects traditional financial systems with fintech solutions, enabling quick prototyping, testing, and deployment of new products and services. By providing tools for seamless integration and regulatory compliance, the platform removes barriers to innovation while fostering collaboration between industry players. This approach enhances customer experiences, drives operational efficiency, and keeps financial institutions competitive in an evolving market.
What role does collaboration with fintechs play in developing POCs, prototypes, and new financial services?
Collaboration with fintechs is a cornerstone of innovation in the financial sector. By partnering with fintechs, traditional financial institutions gain access to specialized expertise and cutting-edge technologies, enabling the development of proof-of-concepts, prototypes, and fully realized financial services. These collaborations mitigate risks, reduce costs, and accelerate the time-to-market for innovative solutions. Furthermore, they create fertile ground for co-creating customer-centric offerings, enriching the financial ecosystem with diverse and tailored products.
How does leveraging FINX data and payment APIs help build people-centric solutions to real-life financial challenges?
Fintech Galaxy’s FINX platform, encompassing myFINX and FINXBusiness, empowers financial institutions to tackle real-world financial challenges with innovative, people centric solutions. By utilizing FINX data and payment APIs, institutions gain access to real-time insights that enable them to understand and predict customer needs more effectively. With myFINX, customers benefit from tools such as Budget and Financial Management (BFM) and Personal Financial Management (PFM). These tools provide a comprehensive overview of spending patterns, help set financial goals, track debt repayment, and even offer personalized recommendations for savings plans — all designed to enhance financial literacy and empower users to take control of their finances.
For businesses, FINXBusiness APIs streamline key processes such as cash flow management, automated invoicing, and real-time payment tracking. This reduces administrative burdens and enhances operational efficiency, allowing businesses to focus on growth. Moreover, APIs facilitate the integration of tailored credit and financing solutions for SMEs, addressing a critical gap in financial inclusion.
These solutions not only simplify decision-making but also foster greater trust and loyalty by providing seamless, intuitive, and value-driven experiences for both individuals and businesses. By leveraging the FINX framework, financial institutions can unlock new revenue streams while addressing customer pain points in a meaningful way.
What strategies does Fintech Galaxy use to build and maintain strong partnerships?
Fintech Galaxy prioritizes transparency, trust, and shared goals in its partnerships. By fostering open communication and ensuring alignment of objectives, the company establishes strong foundations for collaboration. Continuous engagement and regular feedback cycles keep partnerships dynamic and forward-focused, ensuring they remain mutually beneficial. This strategic approach allows Fintech Galaxy to sustain long-term relationships that drive collective growth and innovation.
How do you envision AI and hyper-personalization shaping the future of fintech?
Artificial intelligence and hyper-personalization are set to transform fintech by delivering highly tailored and efficient financial products and services. By analyzing vast amounts of customer data, AI can predict needs and offer solutions in real time, reshaping the customer experience. For example, AI-powered Personal Financial Management (PFM) tools can proactively suggest budget adjustments, savings plans, or investment opportunities based on individual spending habits and financial goals. Similarly, AI-driven Business Financial Management (BFM) platforms can forecast cash flow, identify cost saving opportunities, and recommend optimized payment schedules for businesses.
Beyond personalization, AI enhances operational efficiency in critical areas. For instance, AI-based fraud detection systems analyze patterns to flag suspicious activity instantly, protecting users and institutions alike. AI also revolutionizes credit underwriting by assessing non-traditional data sources, enabling faster and more inclusive lending decisions for underserved populations.
Hyper personalization, enabled by AI, creates adaptive financial ecosystems that evolve with individual and business needs. This ensures fintech providers remain competitive while delivering value and fostering long-term customer loyalty.
This interaction underscores Fintech Galaxy’s dedication to fostering a more inclusive financial ecosystem in MENA. By embracing technology and addressing the needs of the underbanked, the company is helping pave the way for accessible, efficient, and personalized financial services. With initiatives like mobile banking and alternative credit scoring, Fintech Galaxy advocates about a powerful message of inclusivity, ensuring no one is left behind in the financial transformation of the region.
All Content Rights Reserved by The Catalyst.
