UAE-based Fintech Galaxy said Thursday that it has acquired Underlie, an Egyptian open banking platform that offers application programming interfaces (APIs) to banks and businesses.
Fintech Galaxy, said in a statement, that the deal will help its open banking business to expand across the region, develop and launch new digital solutions and push financial inclusion. However, the value of the acquisition was not disclosed.
Egypt is becoming a fast-growing fintech hub bolstered by a 230% growth in cashless payments, Fintech Galaxy in the statement, adding that with almost 39 banks nationwide and a population of over 100 million, the North African country presents an opportunity for fast-tracking the implementation of the open API standard.
“The acquisition of Underlie anchors our open banking/open Finance efforts and enables us to succeed in providing enhanced, seamless and enjoyable financial experiences, expanding, and consolidating our position across the MENA markets,” Mirna Sleiman, the CEO and Founder of Fintech Galaxy said in the statement.
Catalysed by regulation, banks across the Middle East are already hard at work testing and prototyping new use cases and operating models that leverage APIs and open banking principles such as real-time payments, comparison services, know-your-customer, auto savings and credit scoring.
Open banking is a fast-moving and increasingly important element of the banking industry in much of the world. With a presence in the UAE, Saudi Arabia, Bahrain, Egypt, Lebanon and Moldova, Fintech Galaxy counts the Central Bank of Egypt, Emirates NBD, Bank ABC and Saudi National Bank among its strategic partners.
