Wednesday 18 November 2020
Bahrain-headquartered fintech Tarabut Gateway has expanded to the United Arab Emirates with the launch of its Open Banking platform in the country. The startup has also opened two new offices in Abu Dhabi (Hub71) and Dubai (DIFC FinTech Hive).
Tarabut Gateway claims to be MENA’s first regulated Open Banking platform, enabling fintechs and other financial services providers to access financial data of the customers (with their consent) from partner banks through its Open Banking APIs. This allows fintechs to build and improve their digital products.
The startup currently has multiple retail banks as its partners in Bahrain, Kuwait, Lebanon, United Kingdom, India, and now UAE. It has three products: Account Aggregation, Payment Initiation, and Infrastructure Access.
Tarabut has built the largest multi-sided open API infrastructure in the region that was launched in 2019. Through its secure and universal open API platform, Tarabut creates opportunities and fosters collaboration between financial institutions and fintechs.
By working with government authorities, banks, and fintech entrepreneurs, Open Banking can make an economy more diversified and knowledge based.