Tarabut Gateway, the first and largest open banking platform in the Middle East and North Africa (MENA) region, has started its operations in the United Arab Emirates (UAE). The Bahrain-based company has opened two new offices in Abu Dhabi’s global tech ecosystem, Hub71, and Dubai’s DIFC FinTech Hive, said a company statement.
Abdulla Almoayed, CEO and founder of Tarabut Gateway with over 15-years’ experience in different sectors and specialized in digital transformation in MENA, advocates for putting data ownership into consumers’ hands and enhance access to financial services through emerging technologies.
“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. With the strong leadership and cooperative spirit of both Abu Dhabi Global Market (ADGM) and DIFC, businesses can innovate in a transparent environment and work together towards advancing the financial services sector,” said Almoayed.
“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 $43 billion over the next five years.”
Tarabut Gateway, which is connected to several retail banks, has succeeded in creating the most extensive multi-sided open application programming interface (API) launched in 2019 to strengthen collaboration between financial institutions and fintechs.
Open Banking is the sharing of financial information digitally and securely with the consent of the customer. An Open Banking API allows third-party financial services providers to access financial data and develop new apps and services. It provides customers with a better experience and products to suit their needs, said the statement.