Tarabut Gateway completes Saudi open banking certification

Open banking platform Tarabut Gateway has successfully completed Saudi Arabia’s open banking certification.

The platform is launching its open banking services within the regulatory sandbox, based on the Open Banking Framework released by the Saudi Central Bank (SAMA).

Abdulla Almoayed, CEO of Tarabut Gateway, said: “We are delighted to meet the rigorous Open Banking Framework released by SAMA. This achievement reflects our relentless commitment to driving the growth of open banking in Saudi Arabia and beyond. We extend our gratitude to SAMA for its continued support and guidance throughout this process.”

In November 2022, Tarabut Gateway became one of the first fintechs to receive the permit to test its innovative services under SAMA’s regulatory sandbox environment.

Tarabut Gateway: Key milestones

In May, the company was certified as an AIS Retail Provider.

These developments follow the $32m Series A fundraise and partnership with Visa aimed at strengthening the Saudi market.

In November 2021, the company raised $12m from backers that include Tiger Global and the Dubai International Fintech Fund, the investment vehicle of the emirate’s financial centre, in November 2021.

The fintech firm was granted a licence by the Dubai Financial Services Authority to provide money services in the Dubai International Financial Centre last year.

The company also forayed into the region’s crypto market by teaming up with Bahrain’s teamed with Rain to boost fiat-to-crypto transactions.

Open banking is not another tech trend, & it most certainly is not here for a brief disruptive moment!?It’s putting forward a new vision for the #financial services sector. Here’s all you need to know for a quick overview in our #OpenBanking blog.? #MENA https://t.co/v50agL76Of

— Tarabut Gateway (@TarabutGateway) May 26, 2023