UAE-based Fintech Galaxy acquires Egypt’s Underlie
The deal will facilitate extending Fintech Galaxy's Open Finance and Open Banking operations across the region. It will also help develop and launch new digital solutions and advance financial inclusion.
UAE-based has acquired Underlie, an Egypt-based Open Banking platform offering application programming interfaces (APIs) to banks and businesses. With this acquisition, the open banking and finance operations of Fintech Galaxy will open across Egypt.
The deal will also focus on launching and developing new solutions and increasing financial inclusion. Underlie’s current employees have been retained and welcomed to the Fintech Galaxy Egypt operations, added the release.
Riyadh Al Zamil, Chairman of Fintech Galaxy’s Board of Directors and Investors, stated that Underlie’s prowess in building Open Banking APIs and its local market knowledge will help Fintech Galaxy speed up its Egypt market penetration. He also stated that the acquisition will help release opportunities to create new Open Banking/Open Finance-enabled use cases
According to a press release shared by Zawya, open banking and open finance are the key engines behind digital transformation in Egypt. The country has recorded a 230% growth in cashless payments. Its open finance market is expected to grow by 25% annually during the next five years.
Fintech Galaxy is present in the UAE, Saudi Arabia, Bahrain, Egypt, Lebanon, and Moldova. It works towards fueling innovation in financial services, driving ecosystem collaboration, and facilitating Open Banking API integration between financial institutions and fintech companies.
For any press-related queries or to share your press releases, write to us at [email protected].
