Fintech Galaxy, the Dubai open banking company has become the first of its kind to receive regulatory approval in Jordan.
The Central Bank of Jordan’s (CBJ) approval will allow the fintech to join the regulatory sandbox, JoRegBox, to test and deploy open banking services in the country.
The JoRegBox initiative is part of the central bank’s broader plan for financial technology and innovation, launched in August 2023.
The sandbox provides a structured environment where fintech companies can test innovative solutions under the supervision of CBJ.
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Fintech Galaxy has raised $9 million to invest in building its platform and expanding into new markets.
The Jordan foray will provide open banking services to consumers, focusing on personal finance and business finance management.
In December 2022, Fintech Galaxy acquired Underlie, an Egypt-based open banking platform offering application programming interfaces to banks and businesses.
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