back Back

Tarabut Gateway becomes an Open Banking platform in the UAE

By Edlyn Cardoza

April 22, 2022

  • Account Information Services
  • Dubai Financial Services Authority
  • Dubai International Financial Centre
Share

Tarabut Gateway, Dubai Financial Services Authority, Dubai International Financial Centre, Financial Services, Account Information Services, Payment Initiation Services, FinTech, MEASA, UAE, MENATarabut Gateway has been granted a licence by Dubai Financial Services Authority (DFSA) to provide money services in and from Dubai International Financial Centre (DIFC). DFSA is the independent regulator of financial services in DIFC, the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region. This licence marks the first time the DFSA has authorised a firm to provide account information services (AIS) and payment initiation services (PIS) activities. By obtaining this licence, Tarabut Gateway further cements its position in the UAE and plans to boost innovation in the sector, set new industry standards, and support the financial ecosystem.

Commenting on the development, Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said, “It is an honour for us to be granted the first licence for AIS and PIS in DIFC by DFSA and one that we take with a great degree of responsibility. There is a huge potential for Open Banking across the UAE and the region, and it is the commitment from regulators and authorities that helps companies like ours take those initial steps. We are grateful to DFSA for granting us this regulatory licence and we look forward to working in close collaboration with DIFC to drive innovation in financial services.”

Salmaan Jaffery, Chief Business Development Officer at DIFC, said: “We are pleased to welcome Tarabut Gateway, MENA’s first and largest regulated Open Banking platform, to DIFC. Attracting leading FinTech companies, such as Tarabut Gateway, is in line with our strategy to create a global innovation ecosystem in Dubai that can contribute to shaping and developing the Future of Finance. Open Banking enables more choice and efficiency for customers as well as more product innovation for financial institutions.”

The licence that DFSA has granted allows the provision of arranging money services and AIS and PIS.

Tarabut Gateway is a leading FinTech pioneer, operating across the Middle East and North Africa (MENA) region, and backed by regional and international investors. It has partnerships with multiple banks, financial institutions and FinTech companies across the region.

Previous Article

April 22, 2022

Flow Your Money raised €3.5m in a seed investment round led by Eleven Ventures

Read More
Next Article

April 22, 2022

Dreams appoint 3 new senior hires to drive the company’s B2B expansion

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

Account Information Services

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 19, 2024

Cashflows partners with National Association of Funeral Directors

Read More

April 19, 2024

Ant International set to create digital business centre in Malaysia

Read More

April 19, 2024

Opn appoints Vaden Landers as President and CEO of MerchantE

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023