Mubasher: Mubasher Group has teamed up with both Fintech Galaxy and Arab Federation of Capital Markets (AFCM) to establish an open finance innovation lab that will serve the capital markets industry across the Middle East as well as the fintech community.
The innovation lab provides a platform that supports the entire end-to-end management of innovation programmes, such as innovation challenges, hackathons, and accelerators. It further gives access to FinTech Community, an Open Banking sandbox, and Open Finance framework, according to a press release.
Under the partnership, Mubasher will be providing stock market and fundamental data to enable proof of concepts and simulations on the open innovation engine and digital sandbox which Fintech Galaxy will power the lab through.
The Arab Federation of Capital Markets, meanwhile, will bring its members to use the platform while fostering a collaborative environment for all the involved parties.
The collaboration aims to identify and test open finance use cases for capital markets, besides co-establishing new solutions. It will also ensure regulatory compliance and promote networking and knowledge sharing among the partners.
Leveraging Open Banking (OB) data components is among the use cases that will be developed under this partnership; this will offer a better understanding to customer investment behaviour and provide hyper-personalised services.
In addition, robo-advisory startups can use customer data through open application programming interfaces (APIs) to analyse customer transactions, in addition to deciding whether the amount of money customers have can cover investing based on their spending in comparison with their balance or income from different investment portfolios they hold.
Executive Chairman of the Egyptian Exchange (EGX) and the Supervisor of General Secretariat of the Arab Federation of the Capital Markets, Rami El-Dokany, said: "Technology is the center of capital markets, innovating new solutions to reach a wider range of Arab youth to invest in stock exchanges.”
El-Dokany elaborated: “We, as exchanges, as well, should embrace innovative ideas in our processes. Hereby, we are very proud of this partnership to service the entire region."
Mohamed Al Ballaa, Mubasher Chairman, said: "We are excited to partner with Fintech Galaxy and AFCM in this unique collaboration that aligns with our vision to continuously innovate and speed up the transformation of the regional financial technology ecosystem. We aim to create significant value for the wider financial community."
Meanwhile, the Founder and CEO of Fintech Galaxy, Mirna Sleiman, noted: "This initiative signifies a new chapter for fintech innovation in the Middle East. We look forward to working closely with Mubasher and AFCM, transforming the way capital markets operate and helping transition from Open Banking to Open Finance, and later, to an Open Economy."
