Tarabut Gateway, an open banking platform in the MENA region, has forged a strategic partnership with Qarar, a credit analytics technology provider and the technology arm of SIMAH, a large credit bureau in the Kingdom of Saudi Arabia.
The collaboration between Tarabut Gateway and Qarar aims to shake up the financial landscape by leveraging open banking solutions and credit scoring expertise to facilitate faster and more reliable lending processes.
Through this partnership, financial institutions can offer tailored lending products that cater to the specific needs of individuals and businesses in the MENA region. By addressing the challenges faced in accessing credit and obtaining up-to-date financial information, the collaboration will enable quicker and more accurate credit decisions.
In addition to enhancing lending practices, the partnership will drive financial inclusion and contribute to the economic growth and development of the Middle East. Both Tarabut Gateway and Qarar share a commitment to fostering innovation and actively working towards creating a financial ecosystem in the region that is more accessible, efficient, and inclusive.
Abdulla Almoayed, founder and CEO of Tarabut Gateway, said: “We are thrilled to partner with Qarar, a leader in credit analytics and decision technology. Together, we will leverage our expertise, technology and the power of open banking to help financial institutions offer personalised lending solutions and drive financial inclusion in the MENA region.”
While Zaid Kamhawi, CEO of Qarar, commented: “This partnership with Tarabut Gateway marks a significant milestone for Qarar in our mission to empower financial institutions with advanced decision technology. We are excited to collaborate with Tarabut Gateway and further enhance the use of open banking data to inform and automate credit decisions that will help financial institutions better serve their customers and contribute to the growth of the region’s economy.”