Fintech Galaxy receives in-principle approval from central bank to operate as Open Finance provider in UAE - Open Banking Expo

Fintech Galaxy has received in-principle approval from the central bank to operate as an Open Finance provider in the UAE. This preliminary clearance moves the firm one step closer to full authorization, allowing it to eventually offer services that enable consumers and businesses to securely share financial data across a wider range of products beyond basic banking. Open Finance builds on open banking principles, extending standardized data sharing to areas such as investments, insurance, and pensions.

The approval is a regulatory milestone for the UAE, signaling a deliberate push toward a more interconnected and transparent financial ecosystem. For market participants, it suggests that the central bank is actively preparing the infrastructure for broader data-driven services. This could foster competition by allowing new entrants to build personalized financial tools while relying on existing banking infrastructure. It also provides clarity for other companies considering similar applications.

What remains to be seen is the timeline for a final license and how Fintech Galaxy’s platform will integrate with local and international banks. The development underscores a regional trend toward regulated data sharing, positioning the UAE as a noteworthy hub for Open Finance innovation.