Berytech has teamed up as Ecosystem Partners with Fintech Galaxy, the UAE-based cross-border fintech marketplace and innovation crowdsourcing platform.
Fintech Galaxy recently launched FinX22, an open platform that fuels innovation, drives collaboration and facilitates integration between financial institutions and fintech companies.
The platform provides an Open Banking API sandbox that enables development, testing and deployment of fintech solutions, offers a marketplace that connects institutions to thousands of fintechs from across the globe and delivers matchmaking and crowdsourcing capabilities that solve customer pain points, ultimately spurring disruptive and transformative innovation across the financial services industry.
The FinX22 platform 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. Read more about the upcoming hackathon virtual series here.
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 platform 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.
Matchmaking and Crowdsourcing Capabilities
The open innovation platform will enable virtual Fintech acceleration and crowdsourcing of global solutions through innovation challenges, virtual hackathons and AI-powered matchmaking between FIs and fintechs.
Global Fintech Marketplace
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.
Cloud-based Open Banking Platform
Finally, through the FinX22 platform, fintech companies can build or access a future-proof, safe and secure digital banking environment by utilizing an open API sandbox built in compliance with global standards – thereby supporting the integration between FIs and fintechs for rapid prototyping, solution validation as well as commercialization. Additionally, fintechs will be able to securely access simulated data from banking sandbox environments and drive modern solution development of new and innovative products and services, with enhanced agile Dev-Ops and speed to market.