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, including: Riyad Bank, Saudi British Bank (SABB), Alinma Bank, and Banque Saudi Fransi (BSF).
The KSA market is positioned for the coming Open Banking revolution, as the country has prioritised financial sector transformation as part of the Financial Sector Development Program, under the Saudi Vision 2030 plan for economic and social reform. Within this, KSA has announced its ambition to go cashless, aiming for 70% non-cash transactions by 2030.
Tarabut Gateway plays an important role by building the ecosystem’s infrastructure. 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, offering payment services, digital wallets, and multiple other use cases, in addition to a unified and easy to use developer portal.
Working closely with regulators, Tarabut Gateway provides 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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