• Mubasher Group, Fintech Galaxy, and Arab Federation of Capital Markets (AFCM) join forces to launch an innovation lab, driving innovation and growth in the capital markets industry across the Middle East.

• Fintech Galaxy will power the lab through its open innovation engine and digital sandbox, while Mubasher will provide stock market and fundamental data to enable proof of concepts and simulations on the sandbox, and AFCM will bring its members to use the platform.

• The collaboration aims to identify and test open finance use cases for capital markets, co-create new solutions, ensure regulatory compliance, and promote networking and knowledge sharing among the partners.

Dubai, United Arab Emirates – [May, 9, 2023] – Mubasher Group, Fintech Galaxy, and the Arab Federation of Capital Markets (AFCM) have announced a strategic partnership to establish an Open Finance Innovation Lab, driving innovation, growth, and collaboration in the capital markets industry across the Middle East. Under the patronage of the AFCM, the partnership aims to identify and test open finance use cases for capital markets, co-create new solutions, ensure regulatory compliance, and promote networking and knowledge sharing among the partners.

Fintech Galaxy will power the lab through its innovation engine and digital sandbox, while Mubasher will provide stock market data to enable proof of concepts and simulations on the sandbox. AFCM, as the patron, will bring its members to use the platform, fostering a collaborative environment for all parties involved.

One of the use cases to be developed includes leveraging Open Banking (OB) data components to better understand customer investment behaviour and provide hyper-personalized services. Robo-advisory startups can use customer data through open APIs to analyze customer transactions and determine whether customers have enough money to invest based on their spending versus their balance or income from different investment portfolios they hold.

The Executive Chairman of the Egyptian Exchange and the Supervisor of General Secretariat of the Arab Federation of the Capital Markets, Rami El-Dokany, said "Technology is the center of capital markets, innovating new solutions to reach a wider range of Arab youth to invest in stock exchanges. We, as exchanges, as well, should embrace innovative ideas in our processes. Hereby, we are very proud of this partnership to service the entire region."

Mubasher Chairman Eng. Mohamed Al Ballaa commented on the partnership, saying, "We are excited to partner with Fintech Galaxy and AFCM in this unique collaboration that aligns with our vision to continuously innovate and speed up the transformation of the regional financial technology ecosystem. We aim to create significant value for the wider financial community."

Mirna Sleiman, Fintech Galaxy Founder & CEO, added, "This initiative signifies a new chapter for fintech innovation in the Middle East. We look forward to working closely with Mubasher and AFCM, transforming the way capital markets operate and helping transition from Open Banking to Open Finance, and later, to an Open Economy."

The innovation lab includes a platform that supports the entire end-to-end management of innovation programs, including innovation challenges, hackathons, and accelerators. Provides access to FinTech Community. Besides the platform, the lab ensures access to a wide FinTech Community, an Open Banking sandbox and Open Finance framework.

About Mubasher:

Mubasher Group is a regional conglomerate of financial technology and information companies, established in 2006, providing regional & international brokerage services in the Middle East for institutional and retail investors, in addition to having the largest coverage of financial Media, data and analytics for listed and private companies in the Middle east offered through a range of platform solutions to connect Investors, businesses, and financial professionals to support Informed Investment decision, with main operations offices in Saudi Arabia, United Arab Emirates, and Egypt.

About Fintech Galaxy:

Fintech Galaxy, the first Central Bank-licensed Open Finance platform, was founded in the UAE as a global-scale environment that fuels innovation in financial services, drives ecosystem collaboration, and facilitates Open Banking API integration between FIs and fintech companies. It is the first Open Finance platform regulated by a central bank. Fintech Galaxy’s platform - FINX - is redesigning finances by providing an Open Finance infrastructure that ensures secure and stable API integrations between all industry players and grants more control over data and payments to consumers.
More on www.fintech-galaxy.com

About AFCM:

The Arab industry group for 17 exchanges and 7 Clearing houses (CSDs/CCPs), and multiple affiliate members (financial institutions, brokerage firms and local industry associations) from all around the Arab region, contributing to the development of regulations and promoting harmonized and proactive legislations, and exchanging viewpoints and providing opportunities for cooperation among members.