UAE-based Fintech Galaxy (FTG), the first Central Bank-regulated Open Finance platform in the Middle East, has acquired Underlie, an Egyptian Open Banking platform offering APIs to banks and businesses.
The deal will help to set FTG’s Open Finance and Open Banking wheels in full motion across the region, develop and launch new digital solutions and push financial inclusion forward.
Open Banking and Open Finance, are the key engines behind the digital transformation in Egypt. The country is quickly becoming a flourishing FinTech hub bolstered by 230 percent growth in cashless payments and the local Open Finance market that is expected to grow by 25 percent annually during the next 5 years. Egypt has almost 39 banks nationwide, and it presents an opportunity for fast-tracking the implementation of the Open API standard, positioning the country as an important landmark in Fintech Galaxy’s strategic Open Banking/Open Finance roadmap.
Underlie’s Open Banking platform and expertise, including strong API connectivity and payment capabilities, has shown significant growth in the Egyptian market, offering custom-fitted products to consumers. Underlie’s customer-centric approach and ambition to understand the FIs’ needs and pain points to provide them with new proposed revenue streams and tailored products and services, complements Fintech Galaxy’s vision, existing distribution channels, technology, data practices, and relentless focus on quality.
“The acquisition of Underlie anchors our Open Banking Open Finance efforts and enables us to succeed in providing enhanced, seamless, and enjoyable financial experiences, expanding, and consolidating our position across the MENA markets. Cross-border collaboration is key to moving the needle on financial inclusion in Egypt and beyond.”
“This acquisition is a testament to the positive impact Underlie has achieved so far. We are delighted to join forces with FTG and succeed on the broader regional Open Finance mission,” said Mr. Akram Abdou, Founder of Underlie.
Present in the UAE, KSA, Bahrain, Egypt, Lebanon and Moldova, Fintech Galaxy continues to broaden its offering for banks, financial institutions, merchants, and FinTechs as it pursues its ambition to build the most secure, reliable, and developer-friendly Open Finance platform across the MENA region and beyond.