ABU DHABI / DUBAI, October 2 – A team of financial technology entrepreneurs today announced the launch of a new global innovation crowdsourcing platform, adding a vital component to the vibrant “fintech” startup scene in the Arab world. Based out of the United Arab Emirates, Fintech Galaxy is the first open innovation marketplace to be established in the Arab world, designed to empower entrepreneurs and connect them to financial institutions, consultants, tech companies, mentors and investors.
“From digital lending and money transfers to crowdfunding and wealth management, the financial sector is embracing innovation. This platform will enable organizations across the Middle East and North Africa to access global brainpower and solve their most testing fintech challenges,” said Mirna Sleiman, Founder and CEO.
“Everyone in the finance space today recognizes that the best ideas do not always come from within their own organization, and Fintech Galaxy provides a safe, structured and cost-effective way to access technology solutions and build bridges with other markets like Africa and Asia,” added Sleiman, an entrepreneur and digital transformation advisor. The platform comes at a time when the digital revolution is transforming the way customers access financial products and services. Banks, companies and government entities are increasingly coming to terms with the importance of mobile in digital strategy, developing more agile operating models and transforming internal working practices and culture. The Fintech Galaxy marketplace works through a system of challenges, which come with rewards for the startups that solve them.
The challenge process is overseen by Fintech Galaxy’s Advisory Board, which is composed of eight industry leaders:
“In the Middle East today, fintech startups are growing rapidly and financial institutions are ready for new ideas. Fintech Galaxy ties all of these players together through a global marketplace for innovation,” said Mr. Amin. Fintech Galaxy also announced the establishment of several key partnerships at the launch, including Abu Dhabi Global Market, IBM, MAD Talks, Microsoft, Naseba, Next Money and Wamda.
“Through partnering with leading experts, regulators, technology companies and startups, Fintech Galaxy will sit at the center of a dynamic fintech ecosystem, acting as a bridge between global innovators and organisations across the Middle East,” said Sleiman.