The integration will allow fintechs to access financial data through open APIs, enabling innovative services like flexible instalment plans, personalized offerings, and improved credit scoring tools.

Major Egyptian fintechs like Sympl, Synapse Analytics, and Valify are among the latest startups to join the open finance platform.

An open API is a publicly available application programming interface that provides developers with programmatic access to a software application or web service.

Through open APIs, companies gain insights into financial data to expand their customer base, offer tailored services, and enhance operations.

FINX is a central bank-regulated platform that aggregates APIs from multiple banks into a single gateway. This allows fintechs to access bank account information and initiate payments in a secure, compliant environment.

Mirna Sleiman, Founder and CEO of Fintech Galaxy, said: "We aim to fuel the growth of Egyptian fintechs and help them expand across MENA using our API platform. These partnerships will drive innovation in financial services and simplify financial management."

From its base in Dubai, Fintech Galaxy plans to foster more partnerships to drive innovation in the global financial ecosystem in 2023 with a focus on providing robust open finance infrastructure to diverse clients and stakeholders.

Egypt’s fintech footprint
 

The fintech sector has seen increasing activity and support in Egypt. The country's Financial Regulatory Authority (FRA) recently issued new regulations for the use of fintech in the non-banking financial sector.

Meanwhile, the Central Bank of Egypt (CBE) has issued rules for licensing, registering, controlling, and supervising digital banks.

More Egyptians are progressively becoming included in the country’s financial system. The CBE announced last month that financial inclusion rates improved between 2016 and 2022 by 147 percent.