Headquartered in Bahrain, Tarabut Gateway has expanded to the UAE with its launch, becoming the MENA region’s first regulated open banking platform.
Additionally, the FinTech has also opened two new offices Hub71 at Abu Dhabi’s global tech ecosystem and DIFC FinTech Hive in Dubai, as per the announcement.
CEO and Founder of Tarabut Gateway, Abdulla Almoayed expressed his delight at the opening of the offices, acknowledging the opportunity for Open Banking in the UAE. Gateway will aim at driving banking technology and financial services in the United Arab Emirates along with existing institutions in the next 5 decades, he added.
Being a strong advocate of giving data ownership to consumers, Mr. Almoayed has over a decade’s worth of experience in investment across various sectors. He focuses to take Open Banking and progress the country towards the UAE Centennial 2071 goal with the assistance of government authorities, FinTech entrepreneurs, and banks.
The concept of Open Banking takes the customer’s consent in the sharing of financial information across electronic media.
Currently, the FinTech has multiple retail bank partners across different countries like United Kingdom, Bahrain, India, Kuwait, Lebanon, and now UAE. Gateway’s present offerings include Payment Initiation, Infrastructure Access, and Account Aggregation.