Finansystech, a Latin American Modular Plug and Play open-source financial technology solutions provider, is stepping into the Middle East’s emerging fintech sector by partnering with the region’s banking and financial institutions.
The company, which is registered as a fintech business in Brazil, has partnered with the 2nd Open Banking Forum, which is currently underway in Dubai. Through this collaboration, Finansystech aims to expand its operations into the Middle East market and help the region’s businesses in their digitalization efforts.
“Banks in the Middle East, especially the GCC countries need Open Banking products to grow further and to cope up with the changing consumer behavior. Consumers want hassle-free on-the-spot touchless payment solutions and the banks can achieve it through Application Programming Interfaces (APIs) powered Open Banking solutions.”
Finansystech is planning to open its regional office in the UAE and partner with financial institutions to aid them in their digital transformation journey. The mission of the company is to reduce the next generation’s access barriers to technology, promoting equality and opportunities for collaboration with open-source solutions.
The 2nd Open Banking Forum, which is organized by Cogent Solutions Event Management (CS Events), has brought together more than 200 bankers, financial professionals and fintech experts to examine the overall digital disruption in the banking and financial sector in the Middle East.
Welcoming Finansystech to the UAE, Mr. Nizam Deen, Founder and Chief Executive Officer of CS Events and the 2nd Open Banking Forum, said, “We are delighted to welcome Finansystech to the Open Banking Forum and the UAE to explore opportunities and help the regional banks in their digital transformational journey. Open Banking Forum has been carefully created as a futuristic business conference to bring international expertise to support the local and regional banks in the Middle East.”
Finansystech, which is a Modular Plug and Play open-source technology that allows financial services to provide secure open finance solutions, has also won the best Open Banking Solution Provider Award at the event.
Commenting on the achievement, Mr. Branco said, “We are delighted to win this prestigious award. This will go a long way in our efforts to establish Finansystech as a major fintech player in the GCC countries.”
Finansystech provides Brazil’s Central Bank regulatory integration models and technical standards. Also, it complies with UK, Australia and future UAE standards. Finansystech is the first company in the world certified by OpenID, an international standard for identity security in payment initiations. It is also the only Latin American Fintech certified in FAPI and CIBA.