Fintech Galaxy receives in-principle approval to operate as Open Finance provider

Fintech Galaxy has received In-Principle Approval (IPA) from the Central Bank of the United Arab Emirates (CBUAE) to operate as an Open Finance provider, enabling the company to participate in Al Tareq, the UAE's Open Finance scheme. The approval positions Fintech Galaxy as one of the first home‑grown firms to reach this regulatory milestone and paves the way for a full licence that would allow the company to offer secure, consent‑based financial data sharing and payment initiation services across the UAE's financial ecosystem.

"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," said Mirna Sleiman, Founder and CEO of Fintech Galaxy. "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."

Context and company plans

The IPA allows Fintech Galaxy to integrate into Al Tareq, the national framework designed to standardise regulated data sharing and service initiation across banks, fintechs and other financial institutions. The company intends to combine Open Finance connectivity with AI‑powered financial intelligence and digital business finance solutions once it secures a full licence.

Fintech Galaxy has signalled a specific focus on small and medium‑sized enterprises (SMEs). The firm is developing a Business Financial Management platform designed to consolidate a range of functions into “one intelligent experience.” Key capabilities the company plans to deliver include:

• Banking integration and secure Open Finance connectivity
• Invoicing and payments
• Reconciliation and cash‑flow management
• Embedded financing options to improve liquidity for SMEs

The company frames Open Finance as the foundation for embedded financial services and AI‑driven products that move consumers and businesses from connected financial data to actionable financial intelligence. By combining data connectivity with machine learning and automation, Fintech Galaxy aims to help financial institutions and fintech partners create more intelligent customer experiences and identify new revenue streams.

Outlook

With the IPA in hand, Fintech Galaxy will work through remaining regulatory steps to obtain a full operating licence from the CBUAE and begin onboarding partners into Al Tareq. The company has emphasised collaboration with regulators, financial institutions, fintechs and ecosystem partners as it scales its platform and product set. If fully licensed, the platform could accelerate innovation in payments, data‑driven lending and operational automation for SMEs, addressing liquidity and decision‑making challenges in the region.

Fintech Galaxy's IPA signals an early mover advantage in the UAE's Open Finance market and underlines the CBUAE's push to create a regulated environment for consent‑based data sharing and service initiation across the financial sector.