Financial news

Jordan Ahli Bank, a banking institution with a 60-year history, has teamed up with Fintech Galaxy, a financial innovation firm, to ensure full compliance with open banking and open finance regulations.

This partnership marks Jordan Ahli Bank’s commitment to enhancing customer data security and facilitating connections to third-party provider (TPP) applications.

The collaboration centres around Fintech Galaxy’s FINX platform, which prioritises the safeguarding of customer data while enabling secure interactions with TPP apps. Through this integration, customers can gain a comprehensive view of their transactions, promoting transparency as well as control over their financial data.

Jordan Ahli Bank’s move towards open banking reflects its dedication to infusing technology and innovation into its banking services. The primary objectives include offering competitive rates and value-added services to customers and fostering partnerships with TPPs. It also reduces operational costs, boosts revenue and enables providers to introduce new financial products and services.

Modernising banking

The bank’s commitment to open banking also aligns with Jordan’s broader efforts to digitise its banking sector. The Central Bank of Jordan issued new instructions in November 2022, promoting innovation, competition, and the transition towards a more inclusive digital economy. These directives govern open finance services, enabling authorised access to customer and business bank accounts for payments and banking data-related services.

“We are thrilled to have partnered with Fintech Galaxy for Open Banking and Open Finance compliance,” said Dr. Ahmad Al-Hussein, CEO of Jordan Ahli Bank. “This partnership will enable us to comply fully with open banking and open finance regulations and provide value-added services to our customers. Fintech Galaxy’s FINX Comply solution has allowed us to become open banking compliant in record time.”

Mirna Sleiman, founder and CEO of Fintech Galaxy, also commented: “Our partnership with Jordan Ahli Bank is a significant milestone for Fintech Galaxy. We believe that open banking and open finance are the future of financial services, and we are committed to supporting financial institutions in the MENA region as they innovate and redesign the future of financial services.”