Fintech Galaxy announced today that it has launched FinX22, its cloud-based open Innovation platform that aims at driving collaboration, fueling innovation, and facilitating integration between financial institutions and fintech companies.
The platform, which is now live, is hosted on a world-class cloud platform on regional data centres and is based on international standards. It has been designed and launched in collaboration with the Central Bank of Bahrain (Bahrain), the Arab Fintech Working Group of the Arab Monetary Fund (AMF) The Arab Federation of Exchanges (Lebanon), Emirates NBD (UAE), Banque Saudi Fransi (Saudi Arabia), Egyptian Gulf Bank (Egypt), Jordan Ahli Bank (Jordan), The Benefit Company (Bahrain) and Gulf International Bank (Bahrain).
FinX22 focuses on three core areas. Firstly, the platform provides an Open Banking API sandbox that enables fintech companies to develop, test and deploy fintech solutions. The sandbox comes with its own API Manager which handles access control, monitoring and authentication. Secondly, the platform offers a comprehensive marketplace that connects FIs to thousands of fintechs from across the globe. Finally, the platform enables institutions to run virtual hackathons, innovation challenges and incubation/ acceleration programs. Regulators, FIs and academic institutions will also be able to boost their research and development activities by tapping into the platform’s crowdsourcing solutions, to solve significant customer pain points in the financial and banking space and improve the overall customer experience.
The platform was designed and built-in collaboration with multiple regulatory bodies across the Arab Countries. Regulators can monitor, manage and control risks associated with new and disruptive technologies in a safe and secure sandbox environment, before regulatory sandboxing productionalization.
The FinX22 offers extensive content on the region’s fintech hubs, regulations and educates the market through an interactive chatbot for regulatory policies, developed within the Arab Regional Fintech working group activities.
FinX22’s marketplace is also powered by AI and provides a comprehensive list of fintechs from across the globe, connecting, rating and qualifying each fintech for collaboration, procurement and investment. The marketplace, which includes an extensive due diligence data room for fintechs, also provides investors with unique deal flow. Both FIs and fintechs will also be able to access unique market research and regulatory insights.
