The Open Finance Lab aims to unlock economic benefits, financial wellness and financial inclusion
Dubai, United Arab Emirates, 28 June 2022: Tarabut Gateway, the largest Open Banking platform in the Middle East and North Africa (MENA) region with a market presence in Bahrain, UAE and KSA, announces it has been selected by the Dubai International Financial Centre (DIFC) as its preferred technical platform partner for its new Open Finance Lab.
The Open Finance Lab, which will formally launch on 28 June 2022 at DIFC’s Innovation Hub located in the city’s Gate Avenue, aims to ultimately unlock economic benefits, financial wellness and financial inclusion.
Tarabut Gateway’s participation is the latest milestone in the company’s leading and enabling role at the heart of the region’s Open Banking ecosystem and follows the consistent support it has received from the Dubai Financial Services Authority (DFSA). It also follows the recent announcement of Tarabut Gateway being the first regulated Open Banking platform to be licensed by the DFSA.
The Lab also includes a select list of banking sector participants to explore and unlock Open Finance growth opportunities. Participating banks include: Commercial Bank of Dubai, First Abu Dhabi Bank, Mashreq Bank, National Bank of Ras Al-Khaimah, and Zand, a digital bank in the final stages of obtaining its banking license from the Central Bank of UAE.
Abdulla Almoyaed, Chief Executive Officer of Tarabut Gateway, said:
“We are honoured to have been selected by DIFC as its preferred platform partner for the region’s first Open Finance Lab. The UAE’s commitment to shaping the future of finance and establishing itself as a major global FinTech hub is reflected in the support we’ve received from regulators such as the DFSA. We are committed to contributing to the country’s vision and look forward to enabling a new world of financial services in collaboration with the various ecosystem players.”
The Lab will include a forum to educate and engage banks, regulators and FinTechs. It will also be a live testbed to showcase Open Finance’s positive impact on businesses, customers, and the wider economy via use cases, implementations, and live demonstrations.
These activities and stakeholder engagement will take place in December 2022, at which stage use cases and impact will be presented to government officials and the participating bank executives.
Tarabut Gateway plays a vital role in building the Open Finance ecosystem’s infrastructure. Using the company’s platform-agnostic solutions, traditional financial institutions and Fintechs can connect and build their own apps on top of Tarabut Gateway’s platform, offering payment services, digital wallets, and multiple other use cases, in addition to a unified and easy-to-use developer portal.
Working closely with regulators, Tarabut Gateway provides the connectivity for data to flow between banks & Fintechs, support the creation of a thriving ecosystem, sector growth, and ultimately a better consumer experience.