Middle East-based Jordan Ahli Bank has strengthened its Open Banking offering by teaming up with Fintech Galaxy to implement full regulatory compliance.
With the help of the fintech’s FINX platform, Jordan Ahli Bank will focus on protecting customer data and providing secure connections to third-party provider (TPP) apps for complete transaction transparency.
TPP collaborations with the bank will help it reduce costs and increase revenues, while also leveraging its capabilities to deploy new products. Moreover, becoming Open Banking-compliant will allow the bank to offer clients competitive rates and more value-added services.
Dr. Ahmad Al-Hussein, CEO of Jordan Ahli Bank, commented: “We are thrilled to have partnered with Fintech Galaxy for Open Banking and Open Finance compliance. With Fintech Galaxy’s innovative Open Banking solutions, we can now offer our customers the freedom to share their financial and banking data with third parties, leveraging API technology.
“This partnership will enable us to comply fully with Open Banking and Open Finance regulations and provide value-added services to our customers. Fintech Galaxy’s FINX Comply solution has allowed us to become Open Banking compliant in record time.”
The Jordanian financial sector is currently developing its strategy for the digitisation of its banking landscape on par with the instructions set out by the Central Bank of Jordan in November 2022.
These guidelines provided advice on how to foster innovation and advance the country’s digital economy, including Open Finance services.
By working with Fintech Galaxy and leveraging the FINX Open API Gateway, Jordan Ahli Bank aims to ensure that it’s in line with those guidelines.
Mirna Sleiman, Founder and CEO of Fintech Galaxy, added: “Our partnership with Jordan Ahli Bank is a significant milestone for Fintech Galaxy. We believe that Open Banking and Open Finance are the future of financial services, and we are committed to supporting financial institutions in the MENA region as they innovate and redesign the future of financial services.”