Bud Financial and Fintech Galaxy to ‘transform’ personalised financial services in MENA

21 Feb 2024

Data intelligence platform Bud Financial has teamed up with Fintech Galaxy to pioneer a new era of personalised financial services in the MENA region.

The new partnership aims to revolutionise how financial institutions (FIs), fintechs, and businesses leverage customer data to create tailored products and experiences that cater to the financial needs of individuals.

Mirna Sleiman

Mirna Sleiman, founder and chief executive officer, Fintech Galaxy

By combining advanced AI-powered data enrichment techniques with Fintech Galaxy’s ‘Open Finance FINX Platform’, Bud and Fintech Galaxy want to enable FIs to offer personalised financial management apps, loans, savings accounts, and investment plans, based on insights into customers’ financial behaviours and requirements.

The collaboration also intends to improve access to credit by helping lenders to develop more accurate credit scoring models and automated affordability decisioning.

Mirna Sleiman, founder and chief executive officer of Fintech Galaxy, said: “This isn’t just a partnership; it’s a step towards a future where finance feels friendly, accessible, and genuinely helpful.

“We’re all in to create a world where your financial services understand and adapt to you — not the other way around.”

Bud unveiled Bud.ai, a generative AI core platform designed to enable banks and financial institutions to create highly personalised banking solutions, last year.

George Dunning

Bud’s chief operating officer George Dunning

George Dunning, co-founder and chief operating officer of Bud Financial, pointed to the significance of this latest partnership in enhancing the Open Banking experience in the MENA region and transforming the way financial institutions utilise customer transaction data.

“The combination of Fintech Galaxy’s robust Open Banking infrastructure and Bud’s innovative data intelligence will enable banks and fintechs in the Middle East to harness the full potential of customer transaction data,” he said.

“This venture builds on our successful track record in the UK and US markets, demonstrating Bud’s commitment to delivering its best-in-class data intelligence suite globally.”

He added: “We look forward to contributing to the flourishing fintech ecosystem in the Middle East and transforming the way financial institutions use their data for the benefit of both their customers and their businesses.”

Earlier this month, Fintech Galaxy, which is regulated by the Central Bank of Bahrain, introduced Open Banking compliance services to the United Arab Emirates.

‘FINX Comply’ is a cloud-based Software-as-a-Service solution that offers an Open API gateway for “out-of-the-box” compliance.