Introduction
Fintech Galaxy has achieved a groundbreaking milestone by becoming the first Open Banking company to receive regulatory approval from the Central Bank of Jordan (CBJ) to enter the JoRegBox regulatory sandbox. This approval allows Fintech Galaxy to test and deploy Open Banking services within a controlled real-market environment, marking a significant step toward advancing Jordan’s financial technology landscape.
The CBJ’s decision aligns with its broader Economic Modernization Vision (2023–2025), launched in August 2023, which seeks to position Jordan as a regional fintech hub. The JoRegBox sandbox provides fintech companies with a supervised testing ground to introduce and refine innovative financial solutions while ensuring regulatory compliance. This initiative is expected to enhance financial inclusion and foster consumer-centric financial services.
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Leadership Perspectives
Riyadh Al Zamil, Chairman of Fintech Galaxy’s Board of Directors, expressed gratitude for the regulatory approval:
“We are proud and honored to receive the Central Bank of Jordan’s approval to test and introduce Open Banking services in the country through the JoRegBox regulatory sandbox. This milestone underscores our commitment to fostering financial inclusion, enabling innovation, and empowering Jordan’s economy through Open Banking.”
Mirna Sleiman, Founder and CEO of Fintech Galaxy, highlighted the transformative potential of the company’s Open Banking platform:
“The Central Bank of Jordan’s approval is a testament to our shared vision of fostering innovation and inclusivity in the financial sector. By leveraging FINX Connect, we aim to empower financial institutions and third-party providers with data aggregation and payment initiation services, ultimately improving the lives of consumers across Jordan. Together, we aim to deliver secure, efficient, and transformative financial solutions for all stakeholders.”
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The Role of FINX Connect in Jordan’s Open Banking Evolution
Fintech Galaxy provides regulated and premium Open Banking solutions, enabling banks and payment providers to securely share real-time customer data with third-party providers with explicit user consent.
The company’s FINX Connect platform will initially focus on Account Information Services (AIS), allowing financial institutions and fintechs to:
- Enhance customer access to tailored financial services
- Streamline payment processes for greater efficiency
- Unlock new revenue opportunities for banks and fintech players
Adhering to global and local regulatory standards, FINX Connect supports Jordan’s transition to a more open, digital, and inclusive financial ecosystem.
Why Is This News Relevant?
Fintech Galaxy has secured $9 million in funding to expand its platform development and market reach. Under the leadership of Zaid Khatib, Fintech Galaxy Jordan will integrate with most banks and financial institutions across the country. The company will offer Open Banking services with a particular focus on Personal Finance Management (PFM) and Business Finance Management (BFM) use cases, ensuring that both consumers and businesses benefit from smarter financial solutions.
Conclusion
With this regulatory approval, Fintech Galaxy is poised to reshape Jordan’s financial landscape, providing secure, efficient, and consumer-friendly Open Banking services. As Jordan moves toward a more digitally connected and innovative financial ecosystem, Fintech Galaxy is at the forefront, enabling banks, fintechs, and consumers to embrace the future of financial services powered by Open Banking.
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