Tarabut Gateway open banking platform launches in UAE

By Edil Corneille

Manama-based Tarabut Gateway, a regulated open banking platform in the Middle East and North Africa (MENA) region, announced its launch 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.

Abdulla Almoayed, CEO and founder of Tarabut Gateway enthused, “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.

“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.”

Tarabut Gateway has mentioned that it offers a proven regional model and is already a trusted open banking partner connected to a number of retail banks, having successfully built a multi-sided open API infrastructure that launched in 2019.

Almoayed continued, “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 offices across the UAE adds to the global presence of Tarabut Gateway in Bahrain and the United Kingdom, as the business continues its expansion.