Tarabut Gateway partners with micro-lending provider Tamam
By Leandra Monteiro
Tarabut Gateway, MENA’s regulated open banking platform, announced a new partnership with Tamam at LEAP Riyadh 2023.
Tamam is a Shariah-compliant micro-lending service provider based in Saudi Arabia and a subsidiary of Zain, a telecommunications company in the MENA region.
As part of this latest FinTech partnership, Tarabut Gateway will provide Tamam with Account Information Services (AIS) through its TG Connect product. TG Connect gives Tamam access to real-time financial data with user consent.
Tarabut Gateway’s open banking platform serves as the infrastructure that enables banks and FinTechs to connect and collaborate. Its product enhances the ability of micro-lending FinTechs such as Tamam to better serve their end-users, by addressing the limited access to third-party banking data and ultimately improving customers’ financial well-being.
TG Connect offers a broad range of banking data that Tamam can leverage to expand its offerings for end users. Additionally, through Tarabut Gateway’s Income Verification product, Tamam benefits from a more efficient and streamlined process for verifying the incomes of loan applicants. This, in turn, allows Tamam to reach a larger audience with a need for micro-loans.
This partnership will make micro-loans more widely and easily accessible, resulting in more favorable loan arrangements for both FinTechs and customers. It is also advancing KSA’s fintech ecosystem.
Abdulla Almoayed, Chief Executive Officer of Tarabut Gateway, said, “We’re thrilled to welcome Tamam as a new fintech partner to Tarabut Gateway’s growing network in the KSA. This partnership comes at a great time as it aligns with Vision 2030 and will drive growth in consumer micro-lending as the Kingdom moves towards a digital economy.”
“Our open banking platform and infrastructure acts as a catalyst for the fintech ecosystem in the KSA. This benefits everyone from banks to merchants, businesses, and consumers, fostering innovation and growth.”
Tarabut Gateway will further power Tamam’s service offerings with tools to analyse customer data. By being able to verify the incomes of loan applicants automatically and rapidly, the need for manual processing is reduced. The effect is more time for management, and lower costs. Lower costs will allow Tamam to approve more loans, and offer users more attractive credit rates.
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