Fintech Galaxy Acquires Egypt’s Open Banking Platform Underlie

UAE-based Fintech Galaxy, one of the first Central Bank-regulated Open Finance platforms in the Middle East, announced the acquisition of Underlie, an Egypt-based 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.

Fintech Galaxy is an open finance platform that facilitates fintech startups with financial institutions. The platform provides access to customer data from partner banks through its open banking (APIs) while allowing developers to build new apps and services. Egypt is Fintech Galaxy’s sixth market after the UAE, Saudi Arabia, Bahrain, Lebanon, and Moldova. Underlie also offers API-based solutions to improve the integration of online apps from banks and fintech companies.