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

Tarabut Gateway, the MENA region’s first and largest regulated open banking platform, has launched in the UAE.

The company has simultaneously opened two new offices; one each at Abu Dhabi’s global tech ecosystem, Hub71 and Dubai’s DIFC FinTech Hive, it announced on October 27.

“We are delighted to open our new offices in Abu Dhabi and Dubai and accelerate the opportunity for open banking in the United Arab Emirates,” opined Abdulla Almoayed, CEO and founder of Tarabut Gateway.

“Our aim is to drive the next 50 years of banking technology and financial services in the UAE, in collaboration, rather than in competition with, existing institutions. 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 $43bn over the next five years.”

Open Banking is the sharing of financial information electronically and securely, with the consent of the customer. Through an Open Banking API, or application programming interface, it allows third-party financial services providers to access financial data and develop new apps and services. It also provides customers with a better experience and products that suit their needs.

Already a partner with 17 retail banks, Tarabut Gateway creates opportunities and fosters collaboration between financial institutions and fintechs via its open API platform.

“Open Banking is an essential part of global transformation and it is no longer a case of when is the right time, because that opportunity is right now. We have already been supported by our partners at Hub71 and DIFC FinTech Hive to establish our new offices and we look forward to working collaboratively with regulators, banks and fintech to unlock the potential of open banking in the UAE,” the CEO added.

The establishment of its UAE offices, adds to the company’s global presence in Bahrain and the UK, as the business continues to expand.