Tarabut Gateway completes KSA Open Banking certification

Wednesday 31 May 2023 11:24 CET | News

UAE-based Open Banking platform Tarabut Gateway has announced that it has completed the KSA Open Banking certification and that it will launch new services. 

Following this announcement, Tarabut Gateway will use the certification to further develop the Open Banking offerings in the MENA region. The company is set to launch its new Open Banking solutions within the Regulatory Sandbox, based on the Open Banking Framework, released by the Saudi Central Bank (SAMA).

UAE-based Open Banking platform Tarabut Gateway has completed the KSA Open Banking certification and will launch its services within the Regulatory Sandbox.

Tarabut Gateway’s development strategy

Open Banking platform that connects a regional network of banks and fintechs by using a universal application programming interface (API), Tarabut Gateway had multiple partnerships and product launches in the last couple of months, covering multiple geographic areas around the globe. 

The company partnered with credit analytics technology provider Qatar recently, in order to improve the lending experience of MENA’s population. Following this partnership, both companies aimed to enhance the MENA financial sector by leveraging Tarabut Gateway’s Open Banking services and Qarar’s expertise in credit scoring and decision automation. The deal focused on allowing financial organisations and institutions to offer customised lending products that are in line with the needs and preferences of the MENA population. 

Earlier in May 2023, Tarabut Gateway announced its strategic collaboration with Visa, a global digital payment provider. This prioritised the process of accelerating growth and redefining Open Banking in the MENA area by developing and creating new tools and services that use Open Banking capabilities. The initial focus was on designing data-driven offerings, such as credit risk assessments, insights, and advanced analytics, with the following plan to build solutions related to the cross-border payments market and lending. 

Tarabut Gateway secured USD 32 million in Series A funding round in the same month. The investment was led by Pinnacle Capital, a firm that focuses on KSA investments in order to provide alternative investment opportunities. Tarabut Gateway was set to leverage the fund in the process of expanding its footprint in the Saudi market, as well as foster strategic partnerships within the Kingdom and attract new talents. The company also announced its plans to expand further across the MENA region, after building an Open Banking infrastructure across Saudi Arabia, the UAE, as well as in Bahrain. 

In March 2023, the firm partnered with crypto asset trading platform Rain, for improving the overall crypto payments in the MENA region. Tarabut Gateway clients in Bahrain were enabled to benefit from faster, secure, and cost-effective fiat-to-crypto transactions, as well as to have the possibility to top-up their crypto wallets by using the bank transfer tool through the Rain application.

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Keywords: certification, online banking, digital banking, mobile banking, banks, Open Banking, Open Finance
Categories: Banking & Fintech
Companies: Tarabut Gateway
Countries: Africa, Middle East, United Arab Emirates
This article is part of category

Banking & Fintech

Tarabut Gateway

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