FinTech Galaxy, the first central bank-regulated open finance platform in the Middle East, has acquired Egypt-based open banking platform Underlie.
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.
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.
Mirna Sleiman – CEO and founder of Fintech Galaxy – said, “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.”
Empaxis, a company focused on middle-and-back-office operations for wealth and asset managers, has partnered with EXL.
EXL is a leading data analytics and digital operations and solutions company.
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