Fintech Galaxy Acquires Egypt’s Underlie as it Expands Open Finance Footprint

UAE-based Fintech Galaxy, the “first” Central Bank-regulated Open Finance platform in the Middle East, announced the acquisition of Underlie, an Egypt-based Open Banking platform offering APIs to banks and businesses.

The deal will help “to set FTG’s Open Finance and Open Banking wheels in full motion across the region, develop and launch new digital solutions and push financial inclusion forward.”

Open Banking and Open Finance – are “the key engines behind the digital transformation in Egypt.”

The country is quickly “becoming a flourishing FinTech hub bolstered by 230% growth in cashless payments and the local Open Finance market that is expected to grow by 25% annually during the next 5 years.” Egypt reportedly “has almost 39 banks nationwide, and it presents an opportunity for fast-tracking the implementation of the Open API standard, positioning the country as an important landmark in Fintech Galaxy’s strategic Open Banking/Open Finance roadmap.”

Underlie’s Open Banking platform and expertise, “including strong API connectivity and payment capabilities, has shown significant growth in the Egyptian market, offering custom-fitted products to consumers.”

Underlie’s customer-centric approach and ambition “to understand the FIs’ needs and pain points to provide them with new proposed revenue streams and tailored products and services, complements Fintech Galaxy’s vision, existing distribution channels, technology, data practices, and relentless focus on quality.”

Riyadh Al Zamil, Chairman of Fintech Galaxy’s Board of Directors and Investors. Al Zamil added that “all Underlie’s current employees have been retained and warmly welcomed to the Fintech Galaxy Egypt operations.”

“Underlie’s expertise in building Open Banking APIs and knowledge of the local market will help us speed up our Egypt market penetration, boost the expansion in the region and release countless opportunities to create new Open Banking/Open Finance-enabled use cases.” 

According to Mirna Sleiman, CEO, and Founder of Fintech Galaxy:

“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. Cross-border collaboration is key to moving the needle on financial inclusion in Egypt and beyond.”

Akram Abdou, Founder of Underlie, remarked:

“This acquisition is a testament to the positive impact Underlie has achieved so far. We are delighted to join forces with FTG and succeed on the broader regional Open Finance mission.”

Present in the UAE, KSA, Bahrain, Egypt, Lebanon and Moldova, Fintech Galaxy “continues to broaden its offering for banks, financial institutions, merchants, and FinTechs as it pursues its ambition to build the most secure, reliable, and developer-friendly Open Finance platform across the MENA region and beyond.”

As noted in the update, Fintech Galaxy was “founded in the United Arab Emirates as a global platform that fuels innovation in financial services, drives ecosystem collaboration, and facilitates Open Banking API integration between financial institutions and FinTech companies.”

Fintech Galaxy’s platform – FINX – is “redesigning finances by providing an Open Finance infrastructure that ensures secure and stable API integrations between all industry players and grants more control over data and payments to consumers.”

Founded in 2020, Underlie is “an Egypt-based Open Banking platform offering application programming interfaces (APIs) to banks.” Short for underlying technology, Underlie leverages open-API technology and machine learning “to empower banks and FinTech companies to provide their customers with better services and benefits.”

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