Fintech Galaxy Secures UAE Central Bank Approval to Power Open Finance Era

Fintech Galaxy has secured In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates (CBUAE) to operate as an Open Finance provider. This regulatory milestone is a critical development for fintech professionals, as it signals the formal operationalization of the UAE’s Al Tareq scheme and positions a home-grown entity at the center of the region's data-sharing ecosystem.

What was announced

The Central Bank of the United Arab Emirates has granted Fintech Galaxy an In-Principle Approval to function as a regulated Open Finance provider. This status allows the company to participate in Al Tareq, the UAE’s official Open Finance scheme. Al Tareq is designed as a unified, regulated framework that facilitates secure, consent-based sharing of financial data and the initiation of services across the country’s entire financial ecosystem.

Upon receiving its full license, Fintech Galaxy intends to launch an integrated platform that merges Open Finance connectivity with AI-powered financial intelligence. The offering is designed for both traditional financial institutions and emerging fintechs, providing the infrastructure needed to build intelligent customer experiences and identify new revenue streams. A primary focus of the new platform will be the SME sector. Fintech Galaxy is currently developing a Business Financial Management tool that integrates banking, invoicing, payments, and cash-flow management into a single interface. This product aims to help small and medium enterprises automate their financial operations and access embedded financing more efficiently.

The move represents a strategic pivot for Fintech Galaxy, moving beyond simple connectivity to provide actionable financial intelligence. By sitting at the intersection of data sharing and AI-driven innovation, the company aims to support the UAE’s broader ambition of becoming a premier global digital economy.

"This is not simply the next chapter for Fintech Galaxy. It is the beginning of a much bigger opportunity for financial services in the UAE and the wider region. Over the past year, we focused on building the foundations for what comes next. We strengthened our business, enhanced our technology, and aligned our strategy with the future of financial services. Today, we return with a renewed purpose: to help financial institutions unlock the full potential of Open Finance and Artificial Intelligence while supporting the UAE's vision of becoming one of the world's leading digital economies. We extend our sincere appreciation to the Central Bank of the UAE for its guidance throughout the licensing process and for its continued commitment to fostering a secure, innovative, and competitive financial ecosystem."

Mirna Sleiman, Founder and CEO of Fintech Galaxy.

The companies involved

Fintech Galaxy is a regional technology firm that has positioned itself as a central pillar of the Middle East and North Africa (MENA) financial ecosystem. Originally known for its crowdsourcing and open innovation platforms, the company has undergone a strategic transformation to become a specialist in Open Finance infrastructure. It operates with a focus on bridging the gap between traditional banks and the fintech startup community, providing the technical rails necessary for secure data exchange. The firm is led by Mirna Sleiman, who also serves as a Lecturer at the ZIGURAT Institute of Technology.

The Central Bank of the United Arab Emirates (CBUAE) is the primary financial regulatory authority in the UAE. It is responsible for maintaining monetary and financial stability while fostering a competitive and innovative financial sector. Through initiatives like the Al Tareq scheme, the CBUAE is actively shaping the regulatory landscape to support digital transformation. The central bank plays a pivotal role in the UAE's broader economic strategy, ensuring that the transition to a digital-first economy is supported by robust security standards and consumer protection frameworks.

What FF News has reported before

FF News has closely tracked Fintech Galaxy’s expansion across the MENA region. We previously reported on their efforts to drive cross-border adoption in Fintech Galaxy Expands Operations in Jordan, Accelerating Open Banking Adoption and their collaborative efforts in Fintech Galaxy and ProgressSoft Join Forces to Advance Open Banking in MENA. The company’s regional footprint was further highlighted when Myne Chooses Fintech Galaxy to Power Open Banking Data and Payments in GCC, Starting in Bahrain. This latest UAE approval follows a trend of heightened regulatory activity in the Emirates, which recently saw Revolut Secures Key UAE Payment Licences to Accelerate Middle East Expansion.

What this means

This approval is a significant validation of the UAE’s Al Tareq framework. By licensing a home-grown player like Fintech Galaxy, the CBUAE is signaling that the infrastructure for Open Finance is now "open for business." For incumbent banks, the pressure is mounting to move beyond compliance and toward genuine data-driven product innovation. The focus on SMEs is particularly astute; this segment has long been underserved by traditional banking in the Gulf, and a unified platform for cash-flow management could be the "killer app" that drives Open Finance adoption. Watch for Fintech Galaxy to now move aggressively to convert its regional partnerships into live UAE traffic.