Transforming payments in the Middle East and Africa with Open Banking

Euronet and Fintech Galaxy Join Forces to Drive Financial Inclusion

Financial technology leaders Euronet (NASDAQ: EEFT) and Fintech Galaxy announced a groundbreaking partnership focused on revolutionising payment processes in the Middle East and Africa (MEA) region. This collaboration leverages open banking to create a secure, efficient, and inclusive financial ecosystem.

A Comprehensive BaaS Offering

The partnership introduces a new Banking as a Service (BaaS) solution designed to empower banks, fintech companies, and merchants. This offering provides a robust suite of features, including:

• Faster and more cost-effective account-based transactions

• Card issuing services (Card as a Service)

• Payment initiation capabilities

• Real-time payment processing

• Advanced fraud detection and prevention

• Secure tokenization

• Payment gateways and wallets

• Acquiring channel management

This comprehensive BaaS solution simplifies financial operations, reduces costs, and streamlines transactions for all stakeholders.

Unlocking the Power of Open Banking

By integrating directly with consumers’ bank accounts, the Euronet and Fintech Galaxy solution fosters financial inclusion. This approach eliminates the need for traditional cards and lowers transaction fees, making financial services more accessible to a wider population. With digital transactions in the MEA region experiencing explosive growth (over 20% annually), this partnership is poised to accelerate this trend.

Enhanced Security Through Cutting-Edge Fraud Detection

Euronet’s industry-leading fraud detection system, combined with Fintech Galaxy’s open banking expertise, creates a powerful shield against financial crime. This dual-layered system offers:

• A rules-based module specifically designed for the needs of mid-sized markets.

• A strategic component tailored for high-volume transactions.

Real-time analysis of rich transactional data, facilitated by open banking, enables the early detection and prevention of fraudulent activity.

Building a Brighter Financial Future

This partnership between Euronet and Fintech Galaxy extends far beyond just processing payments. It aims to:

• Increase financial inclusion in the MEA region

• Simplify and streamline financial transactions

• Reduce operational costs for businesses

• Transform the overall payments and financial services landscape

“Our collaboration with Fintech Galaxy aligns perfectly with our mission of delivering cutting-edge BaaS, payment processing, and fraud detection solutions to the MEA region,” said Mohamed Mousa, Vice President of Euronet Middle East. “We are confident that this partnership will revolutionise the region’s payment ecosystem, benefiting merchants, end-users, and everyone involved with the advantages of real-time fraud detection and secure account-based payments.”

Mirna Sleiman, Founder and CEO of Fintech Galaxy, echoed this sentiment: “Together, Euronet and Fintech Galaxy will build a unified digital payment infrastructure that offers secure and seamless payment experiences. By leveraging open banking data, we can significantly enhance payment processing and mitigate risks.”