As consumers increasingly seek personalized, efficient, and inclusive financial solutions, the demand for Open Finance platforms has surged, paving the way for a new era of banking and financial management. In this context, visionary leaders are emerging, driving change, and redefining the industry through their groundbreaking ideas and strategic initiatives.
Among these pioneers is Mirna Sleiman, a prominent figure in the fintech landscape in the Middle East and North African market and the driving force behind Fintech Galaxy. With a wealth of experience and a passion for innovation, she has positioned herself as a leader committed to fostering collaboration between traditional financial institutions and fintech companies.
We had the distinct honor of engaging with Mirna in a thought-provoking discussion on the challenges and opportunities within the industry, the significance of Open Finance, and her vision for the future of fintech.
Below are the highlights from the interview!
What inspired you to establish Fintech Galaxy, and what were some of the initial challenges you faced in creating an open finance platform in the MENA region?
The genesis of Fintech Galaxy was fueled by an ambitious ‘what if’ moment — a realization that fintech done right could dramatically transform the staid banking sector. Observing a significant disconnect, I saw an opportunity to bridge the existing chasm between traditional financial institutions and the burgeoning fintech scene.
Fintech Galaxy was conceived as a melting pot where major banks, nimble startups, regulators, and consumers could converge. It wasn’t just about deploying digital tools; it was about disrupting the norm, enhancing financial accessibility, and fostering a more user-friendly approach that democratizes finance.
My vision for founding Fintech Galaxy extended beyond merely launching a business—it was about spearheading a finance revolution, a shift towards a more cohesive, innovative, and inclusive financial ecosystem. Embracing this challenge has been a journey of constant learning, adaptation, and boundary-pushing, making every step of the way an exciting adventure in finance.
Can you explain the concept of open finance and its significance for consumers and financial institutions in today’s digital landscape?
Open Finance is an extension of Open Banking, allowing consumers to share their financial data across a broader range of financial services providers, not just banks. This concept is significant as it empowers consumers with greater control over their financial information, enabling them to access personalized financial products and services. For financial institutions, Open Finance offers an opportunity to innovate and enhance customer experiences by leveraging data to provide more tailored solutions. It also promotes a more competitive and inclusive financial ecosystem, driving growth and efficiency in the industry.
How does Fintech Galaxy facilitate collaboration between traditional financial institutions and fintech companies, and what benefits does this collaboration bring to the industry?
Fintech Galaxy is at the forefront of Open Finance, enabling traditional financial institutions to connect with fintech companies through a powerful open API infrastructure. Our FINX platform facilitates the secure exchange of financial data and services, promoting a more inclusive financial ecosystem. By integrating Fintech Galaxy’s FINX Connect and FINX Comply solutions, banks and financial institutions gain access to cutting-edge fintech innovations that enhance their service offerings, operational efficiency, and regulatory compliance. This collaboration fosters greater customer empowerment, personalized financial experiences, and cost-effective innovation, ensuring traditional institutions stay competitive in the evolving world of Open Finance.
As a central bank-regulated open finance platform, what regulatory challenges did you encounter, and how did you navigate them?
Navigating the regulatory landscape is one of the most challenging aspects of scaling up Fintech Galaxy. Being a central bank-regulated open finance platform required us to work closely with regulators to ensure compliance with local laws and regulations. We engaged in continuous dialogue with regulatory bodies, provided continuous education on the benefits of Open Finance, and demonstrated our commitment to maintaining high standards of data security and consumer protection.
How do you see the role of API integrations evolving in the financial services industry, and what impact do they have on customer experience?
API integrations are set to play an increasingly critical role in the financial services industry. They enable seamless connectivity between various financial systems, allowing for the rapid deployment of new services and the integration of third-party solutions. Customers can benefit from a unified view of their financial activities, personalized recommendations, and faster transaction processing with lower fees. API integrations also promote innovation, allowing financial institutions to adapt quickly to market changes and consumer needs.
Can you share an example of a successful digital transformation program you have advised a government or financial institution on? What were the key outcomes?
One of the examples when Fintech Galaxy has played a pivotal role in advancing digital transformation in the financial sector is our collaboration with the Central Bank of Bahrain (CBB) on the FinHub973 initiative. Launched in October 2020, FinHub973 stands as the first cross-border digital innovation platform in the MENA region, designed to foster seamless interactions between financial institutions and FinTech companies.
Our role in advising and implementing FinHub973 centered around creating a digital sandbox environment where banks and other financial entities can collaborate with fintechs to prototype, test, and scale new technologies. This platform not only facilitates innovation but also ensures compliance with regulatory frameworks under the supervision of the CBB.
Over 100 regional and global FinTech companies were integrated into the FinTech Marketplace since its inception. This integration has significantly boosted the pace of digital innovation within the Bahraini financial sector.
- The open API Sandbox has already seen impressive usage with hundreds of thousands of calls. This feature allows financial institutions to integrate more seamlessly with FinTech solutions, enhancing their operational efficiency and customer service.
- The CBB’s commitment, reinforced by the support from Fintech Galaxy and other strategic partners, underscores a united vision to drive not only technological innovation but also comprehensive digital transformation across Bahrain’s financial services sector.
These outcomes highlight our strategic advisory role and operational support in ushering in a new era of digital finance in Bahrain, emphasizing innovation, collaboration, and regulatory compliance as the cornerstones of modern financial services.
How do you ensure data security and privacy within the open finance infrastructure that Fintech Galaxy provides, and why is this crucial for gaining consumer trust?
Data security and privacy are paramount in our Open Finance infrastructure. Fintech Galaxy is ISO/IEC 27001:2022 and SOC 2 Type 2 certified.
Firstly, being ISO/IEC 27001:2022 certified means we have a robust information security management system (ISMS) in place. This international standard demonstrates our commitment to managing sensitive company and customer information securely. It involves a systematic approach to managing and protecting company and customer data, encompassing people, processes, and IT systems.
Secondly, attaining SOC 2 Type 2 compliance is equally important. This compliance indicates that Fintech Galaxy has effective controls related to security, availability, processing integrity, confidentiality, and privacy of a system. The Type 2 aspect of compliance means that these controls have been audited over a period of time, proving their effectiveness in practice, not just in theory.
What trends do you see shaping the future of fintech and open finance in the MENA region over the next few years?
Several trends are poised to shape the future of fintech and Open Finance in the MENA region. These include the increasing adoption of digital banking services, the rise of AI and machine learning in financial services, and the growth of blockchain technology for secure and transparent transactions. Additionally, there is a growing focus on financial inclusion, with efforts to provide access to financial services for underserved populations. These trends will drive innovation, enhance customer experiences, and promote a more inclusive financial ecosystem in the region.
As an advocate for innovation in financial services, how do you encourage a culture of innovation within your organization and among your partners?
Encouraging a culture of innovation within Fintech Galaxy involves fostering an environment where creativity and experimentation are valued. We promote continuous learning and development, support cross-functional collaboration, and encourage our team to challenge the status quo.
What advice would you give to aspiring fintech entrepreneurs looking to enter the market, particularly in the MENA region?
For aspiring fintech entrepreneurs, my advice is to focus on solving real problems and creating value for consumers. Understand the regulatory landscape and build strong relationships with regulators and industry stakeholders. Embrace innovation and be willing to adapt to changing market dynamics. It’s also crucial to prioritize data security and consumer trust from the outset.
Looking ahead, what are your long-term visions for Fintech Galaxy, and how do you plan to further drive innovation and collaboration in the financial services ecosystem?
I’m genuinely thrilled about the future of Fintech Galaxy! Our ambition is to significantly impact the financial landscape across key MENA markets like KSA, UAE, Jordan and Egypt. The rapid adoption of digital financial services in these regions, particularly embedding financial services into the wider economy, presents a golden opportunity for us. We’re not just aiming to introduce another financial service; we envision offering transformative solutions that truly change the game.
