Tarabut Gateway partners with Saudi’s micro-lending firm Tamam

Tarabut Gateway, the open banking platform, has announced a new partnership with Tamam.

Tamam is a Shariah-compliant micro-lending service provider based in Saudi Arabia and a subsidiary of Zain, a telecommunications company in the MENA region.

As part of this fintech partnership, Tarabut Gateway will provide Tamam with account information services (AIS) through its TG Connect product.

TG Connect will give access to real-time financial data with user consent.

It further offers a broad range of banking data which Tamam can leverage to expand its offerings for end users.

Additionally, through Tarabut Gateway’s income verification product, Tamam will benefit from streamlined process for verifying the incomes of loan applicants. This, in turn, allows Tamam to reach a larger audience with a need for micro-loans.

This partnership will make micro-loans more widely and easily accessible, resulting in more favourable loan arrangements for both fintechs and customers.

Tarabut Gateway will further power Tamam’s service offerings with tools to analyse customer data.

By being able to verify the incomes of loan applicants automatically and rapidly, the need for manual processing is reduced.

The effect is more time for management, and lower costs. Lower costs will allow Tamam to approve more loans and offer users more attractive credit rates.

Abdulla Almoayed, chief executive officer of Tarabut Gateway, said: “We’re thrilled to welcome Tamam as a new fintech partner to Tarabut Gateway’s growing network in Saudi. This partnership comes at a great time as it aligns with Vision 2030 and will drive growth in consumer micro-lending as the Kingdom moves towards a digital economy.

“Our open banking platform and infrastructure acts as a catalyst for the fintech ecosystem in Saudi. This benefits everyone from banks to merchants, businesses, and consumers, fostering innovation and growth.”

Read: Fringe to forward: Charting fintech’s journey in the UAE