Tarabut Gateway, the MENA region’s first and largest regulated Open Banking platform, announced that it has launched in the United Arab Emirates. The company has simultaneously opened two new offices at Abu Dhabi’s global tech ecosystem, Hub71 and Dubai’s DIFC FinTech Hive.
The business is led by Abdulla Almoayed, CEO and founder of Tarabut Gateway, who has more than 15 years of investment experience across various sectors, with a specialism in digital transformation of the MENA region. He is a strong advocate for putting data ownership into the hands of consumers and increasing 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,” Almoayed said.
“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.”
Open Banking is the sharing of financial information electronically and securely, with the consent of the customer. Through an Open Banking API, or application programming interface, it 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 that suit their needs. Tarabut Gateway offers a proven regional model and is already a trusted Open Banking partner connected to 17 retail banks, having successfully built the largest multi-sided open API infrastructure that launched in 2019. Through its secure and universal open API platform, Tarabut Gateway creates opportunities and fosters collaboration between financial institutions and fintechs.
Almoayed added: “Open Banking is an essential part of global transformation and it is no longer a case of when is the right time, because that opportunity is right now. We have already been brilliantly supported by our partners at Hub71 and DIFC FinTech Hive to establish our new offices and we look forward to working collaboratively with regulators, banks and fintech to unlock the potential of Open Banking in the UAE.”
The establishment of its offices across the UAE adds to the global presence of Tarabut Gateway in Bahrain and the United Kingdom, as the business continues its rapid expansion. Tarabut Gateway has been leading the Open Banking agenda in MENA since 2017, and has extensive experience working closely with banks across the region to power their digital transformation journeys.