Through this partnership, Tarabut Gateway customers in Bahrain will benefit from faster, cost-effective fiat-to-crypto transactions and will be able to top-up their crypto wallets via bank transfer through the Rain app. Tarabut Gateway’s Open Banking payment solutions will support on and off-ramp (fiat-crypto-fiat) transfers for users thus ensuring more speed and fewer errors when compared to traditional bank wire transfers.
The partnership is in line with Rain’s endeavours to ensure a premium and seamless crypto wallet experience for its MENA users. In the company press release, Rain officials talked about their collaboration with Tarabut Gateway and how it can boost crypto asset adoption in the MENA region. They also emphasised how quick and efficient deposit mechanisms can allow crypto traders on Rain’s platform to fund their accounts and capitalise on market movements in a seamless fashion.
By working with Rain, Tarabut Gateway has strengthened its position in the MENA open banking ecosystem. In April 2022, Tarabut Gateway has been granted a licence by Dubai Financial Services Authority (DFSA) to provide money services in and from Dubai International Financial Centre (DIFC).
DFSA is the independent regulator of financial services in DIFC, a global financial centre in the Middle East, Africa, and South Asia (MEASA) region. This licence marked the first time the DFSA has authorised a firm to provide account information services (AIS) and payment initiation services (PIS) activities. By obtaining this licence, Tarabut Gateway further improved its position in the UAE and became better positioned to boost innovation in the sector, set new industry standards, and support the financial ecosystem.
In May 2022, Tarabut Gateway has announced four new key banking partnerships in KSA. As part of its expansion in Saudi Arabia and the developments in Open Banking, Tarabut Gateway revealed it has been selected by some of the banks in KSA as a partner. These banks were Riyad Bank, Saudi British Bank (SABB), Alinma Bank, and Banque Saudi Fransi (BSF).
Tarabut Gateway is working closely with banks and other institutions to build the ecosystem infrastructure in the region. Using the company’s platform-agnostic solutions, traditional financial institutions and fintechs can connect and build their own apps on top of Tarabut Gateway’s platform. This allows them to offer payment services and digital wallets, as well as a unified developer portal.
The company also works closely with regulators to provide the connectivity for data to flow between banks and fintechs, support the creation of an ecosystem, sector growth, and ultimately a better consumer experience.
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