Jordan gives go-ahead for open banking test | MEED

UAE-based Fintech Galaxy has received approval from the Central Bank of Jordan (CBJ) to test open banking services within the country’s regulatory sandbox, JoRegBox. It is the first company to secure such approval, marking a key step in Jordan’s financial technology strategy.

The sandbox will allow the firm to trial open banking under CBJ supervision. It aims to ensure compliance with global and local standards while promoting financial inclusion.

Through its FINX Connect platform, Fintech Galaxy will provide third-party providers with secure, consent-driven access to customer financial data.

The regulatory approval is expected to accelerate the adoption of open banking in Jordan, enabling financial institutions to offer more customer-centric digital services.

The initiative aligns with Jordan’s executive programme for the Economic Modernisation Vision (2023–25), which aims to position the country as a regional fintech hub.

The firm, led in Jordan by Zaid Khatib, plans to integrate with major banks and financial institutions, offering open baking services focused on Personal Finance Management (PFM) and Business Finance Management (BFM).

The company has raised $9m for platform development and regional expansion. Jordan’s approval comes as regional regulators push for greater financial sector digitisation, with open banking frameworks being tested across the GCC.