DIFC-based fintech Tarabut Gateway receives DFSA licence

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).

Tarabut Gateway connects a regional network of banks and fintechs through a universal application programming interface (API).

Tarabut Gateway went live with its API infrastructure in December 2019 and is already a dedicated technology partner for the leading banks in Bahrain. In October 2020, Tarabut Gateway expanded its presence in MENA, establishing offices in Abu Dhabi and Dubai.

Read: MENA’s open banking platform, Tarabut Gateway, launches in UAE

This licence is the first instance the DFSA has authorised a firm to provide account information services (AIS) and payment initiation services (PIS) activities. Obtaining this licence will help Tarabut Gateway strengthen its position in the UAE and support the financial ecosystem.

Abdulla Almoayed, founder and CEO of Tarabut Gateway said, “It is an honour for us to be granted the first licence for AIS and PIS in DIFC by DFSA and one that we take with a great degree of responsibility. There is a huge potential for open banking across the UAE and the region, and it is the commitment from regulators and authorities that helps companies like ours take those initial steps. We are grateful to DFSA for granting us this regulatory licence and we look forward to working in close collaboration with DIFC to drive innovation in financial services.”

Salmaan Jaffery, chief business development officer at DIFC, said: “We are pleased to welcome Tarabut Gateway, MENA’s first and largest regulated open banking platform, to DIFC. Attracting leading fintech companies, such as Tarabut Gateway, is in line with our strategy to create a global innovation ecosystem in Dubai that can contribute to shaping and developing the future of finance. Open banking enables more choice and efficiency for customers as well as more product innovation for financial institutions.”