ProgressSoft, a Jordan-based payments solutions provider, has announced a partnership with Fintech Galaxy, a UAE-based financial innovation company, to advance Open Banking adoption across the financial sector.
Under the agreement, both companies will work on establishing national Open Banking hubs.
These hubs aim to provide regulatory bodies with a scalable financial infrastructure to support sector-wide innovation.
The collaboration will focus on improving Application Programming Interface (API) connectivity, secure data sharing, and transaction flows among financial institutions, including banks, fintech firms, and payment service providers.
Mirna Sleiman, Founder and CEO of Fintech Galaxy, stated:
“The financial industry is evolving rapidly, and Open Banking is no longer an option—it’s a necessity. Our partnership with ProgressSoft ensures that financial institutions have access to agile, compliant, and scalable solutions that help them stay ahead of regulatory and market demands.”
ProgressSoft will integrate Fintech Galaxy’s Open Finance API aggregation and compliance platforms to help financial institutions fast-track regulatory compliance, enhance secure digital payments, and develop resilient payment infrastructures.
The partnership will also focus on improving transaction speed and security while ensuring adherence to regional and international regulatory standards.
Michael Wakileh, CEO of ProgressSoft, commented:
“Our collaboration with Fintech Galaxy presents a unique opportunity to redefine the Open Banking landscape. We are proud to combine our strengths and deliver impactful solutions that support the financial ecosystem’s digital shift, with a focus on growing our presence in the MENA region and beyond.”
Featured image credit: ProgressSoft
