Already partnered with 17 retail banks, Tarabut Gateway promotes collaboration between financial institutions and fintechs via its open API platform. The establishment of its UAE offices adds to the company’s global presence in Bahrain and the UK, as the business continues to expand.
The company intends to work in collaboration, rather than in competition, with existing institutions. As the firm says, by working hand-in-hand with government authorities, banks and fintech entrepreneurs, open banking can propel the country towards its UAE Centennial 2071 goal of becoming a more diversified and knowledge-based economy, helping the UAE tap into the Open Banking industry which is set to reach a global market size of USD 43 billion over the next five years.
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