In August 2023, the Central Bank of Jordan (CBJ) announced a new aim for financial technology and innovation in the country with its Executive Programme for the Economic Modernisation Vision (2023–2025). Looking to position Jordan as a regional hub for financial innovation, CBJ has delved into the world of open banking, approving Fintech Galaxy‘s request to enter the regulatory sandbox, JoRegBox.
Fintech Galaxy, the open banking services provider, will now be able to rest and deploy open banking services in the Kingdom within a controlled real-market framework. The firm is also the first open banking company to receive regulatory approval in Jordan, marking a significant milestone for both the company and the country.
One way CBJ is positioning Jordon as a prime destination for investment in advanced financial technologies is through JoRegBox. It provides a structured environment where fintech companies can test innovative solutions under the supervision of CBJ, promoting financial inclusion and advancing consumer-focused financial services.
As a part of the Jordanian ecosystem, Fintech Galaxy will be able to offer a suite of regulated and premium open banking services and solutions. It will enable banks and payment providers to share customer real-time data with third-party providers securely and with explicit user consent.
Its FINX Connect platform facilitates real-time bank account data aggregation and payment initiation services. With its initial testing focus on account information services, the platform adheres to global and local regulatory standards, enhancing customer access to tailored financial services, streamlining payment processes, and unlocking new revenue opportunities for financial institutions and fintechs.
Introducing open banking in Jordan
Riyadh Al Zamil, chairman of Fintech Galaxy’s board of directors commented: “We are proud and honoured to receive the Central Bank of Jordan’s approval to test and introduce open banking services to the country through the JoRegBox regulatory sandbox. This milestone underscores our commitment to fostering financial inclusion, enabling innovation, and empowering Jordan’s economy through open banking.”
Mirna Sleiman, founder and CEO of Fintech Galaxy remarked: “The Central Bank of Jordan’s approval is a testament to our shared vision of fostering innovation and inclusivity in the financial sector. By leveraging FINX Connect, we aim to empower financial institutions and third-party providers with data aggregation and payment initiation services, ultimately improving the lives of consumers across Jordan. Together, we aim to deliver secure, efficient, and transformative financial solutions for all stakeholders.”
Fintech Galaxy has raised $9million to invest in building its platform and expanding into new markets. Fintech Galaxy Jordan, led by Zaid Khatib, will be integrating with most banks and financial institutions across Jordan, providing open banking services to consumers with a special focus on personal finance management (PFM) and business finance management (BFM) use cases.
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