Banks and financial institutions via FINX platform will be able to provide more offerings to widen its customer base. Credit: Carlos Muza on Unsplash.

Fintech Galaxy has obtained a licence from the Central Bank of Bahrain (CBB), enabling it to expand in the Middle East and North Africa (MENA) region.

According to the firm, the authorisation makes it the first central bank-regulated open finance platform in the region.

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The Account Information Services Provider (AISP) licence will enable the UAE-based firm to function as a regulated Third Party Provider (TPP).

Following the new designation, the company will integrate FINX, its application programming interface-backed (API) open finance platform, into bank APIs.

This in turn will ensure a safe and consent-based access to customers’ account information.

Banks, financial institutions as well as merchants via FINX will be able to provide more offerings including a complete picture of a customer’s financial footprint, budgeting and savings goals based on his/her financial behaviour.

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On the other hand, consumers will be able to get quick access to various other platforms and products to meet their requirements.

Fintech Galaxy CEO and founder Mirna Sleiman said: “By getting the FINX platform licensed as a TPP in Bahrain, our vision as a regulated open finance platform is moving the needle on financial inclusion.

“It is a critical step for us in our relentless effort to drive innovation and open up the financial sector across the region.

“Crucially, we are now primed to accelerate financial inclusion for many millions of people as we lead a market that is forecast to grow by more than seven-fold to reach $11.74bn by 2027.”

At present, Fintech Galaxy operates in four markets across MENA. The company plans to further expand in the region with a wide range of use cases to carer to small and medium enterprises, corporates and regulators.