Benefit collaborates with Tarabut for Open Banking integration

The new technology empowers consumers to access financial services more easily, simplifying the authentication process and facilitating smooth app-to-app interactions. Flooss, a digital financing service provider, is the pioneer in leveraging this innovation, which speeds up loan approval times while increasing security measures. 

Tarabut, an Open Banking platform in the Middle East and North Africa (MENA) region, is bridging the gap between banks and fintech companies to elevate financial services for consumers. Meanwhile, BenefitPay, Bahrain’s national electronic wallet, acts as a reliable authenticator, simplifying the connection between consumers and their banks.

Other developments from Tarabut

In November 2024, Tarabut, partnered with Geidea, a provider of payment solutions in Saudi Arabia, by signing a Memorandum of Understanding (MOU).Their collaboration explores the development of financing solutions tailored for small and medium enterprises (SMEs) while addressing the financing hurdles these businesses encounter in Saudi Arabia, pending the necessary regulatory approvals. The Kingdom is home to approximately 1.3 million SMEs, facing a financing gap that exceeds USD 80 billion. For many, accessing funds remains a complicated and expensive endeavour.

By integrating this extensive network with Tarabut’s Open Banking technology and collaborations with regional banks, the partnership aims to improve lending processes, shorten approval times, and offer secure, real-time solutions for small and SMEs.

Representatives from Tarabut underscored the necessity of tackling the financing gap, stating that the collaboration is designed to create growth opportunities for smaller businesses while complying with regulatory standards. The broader objectives of this partnership are in line with Saudi Arabia’s Vision 2030 strategy, which emphasises economic diversification and the empowerment of SMEs. Both companies are dedicated to using advanced technology to develop financing solutions that address pressing real-world challenges.