Fintech Galaxy, the first Central Bank licensed open finance platform in the Middle East and North Africa (MENA), is making waves in the financial technology sector. By fostering an environment conducive to innovation, Fintech Galaxy is not only supporting Open Finance in the region but also pushing the boundaries of what is possible in the fintech space.

In a significant move towards advancing financial inclusion in Palestine, Fintech Galaxy has partnered with the Palestine Capital Market Authority (PCMA), the regulator for non-banking financial sectors in Palestine. This strategic partnership has led to the launch of the first PCMA Insurtech Wizard Hackathon and Insurtech Wizard Challenge, hosted on the PCMA's Ebtaker platform.

Fintech Galaxy's role in this initiative is pivotal. As the first Central Bank licensed Open Finance platform in MENA, Fintech Galaxy brings a wealth of expertise and a unique perspective to the table. The company’s commitment to Open Finance is evident in its efforts to foster an environment that encourages inclusive digital insurance solutions in Palestine, a market currently dominated by ten insurance companies.

The PCMA Insurtech Wizard Hackathon and Challenge aimed to facilitate the innovation of new and mature digital solutions capable of driving market development for inclusive insurance products. The competition targeted solutions that enhance access to insurance products and services through innovative distribution channels, specifically targeting new segments like MSMEs in high-growth areas such as agribusinesses and female-led SMEs, or low-income customers.

The challenge has now reached its PoC stage, with Tamkeen and Mashreq supporting it. Once the PoC is successful, the solutions will be further leveraged.

Fintech Galaxy's involvement in the competition was instrumental in its success. The winners of the Insurtech Wizard Challenge, Aura Technologies from UAE and KASKO from the United Kingdom, and the winners of the Insurtech Wizard Hackathon, BeNew Insurance from Cameroon and PayDay Takaful from Tunisia, each received $5,000 and the opportunity to cooperate with one of the insurance players in the Palestinian insurance market on a proof of concept of their solution.

Fintech Galaxy's partnership with the PCMA exemplifies the potential of Open Finance to transform the financial landscape in Palestine and the wider MENA region. By fostering an environment conducive to innovation and providing a platform for cutting-edge ideas, Fintech Galaxy is helping to drive the market development for inclusive insurance products in Palestine, ultimately contributing to the growth and stability of the country's capital market.

As the first Central Bank licensed open finance platform in MENA, Fintech Galaxy is uniquely positioned to lead the Open Finance revolution in the region. Through initiatives like the PCMA Insurtech Wizard Hackathon and Challenge, Fintech Galaxy is not only supporting Open Finance in Palestine but also setting the standard for fintech innovation in the MENA region.

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