Fintech company gets approval for open banking services in KSA
Tarabut Gateway aims to intensify its operations in Saudi Arabia
As part of its efforts to become a global fintech hub, Saudi Arabia has granted open banking certification to Dubai-based Tarabut Gateway.
Following the approval from the Saudi Central Bank, also known as SAMA, the fintech company aims to intensify its operations in the Kingdom.
Tarabut Gateway, the region’s leading regulated open banking platform, has become one of the early recipients of SAMA’s permit to carry out its operations in Saudi Arabia.
Talking to Arab News, Abdulla Almoayed, CEO and founder of the fintech company, said that consumers in Saudi Arabia can now expect a wide range of innovative and personalized financial services.
“We are aware of the unique challenges faced by small and medium enterprises in Saudi
Arabia, particularly regarding cash-flow management and access to funding. We will address this issue head-on by assisting SMEs to access the funding they need, via open banking-enabled financial services and products,” Almoayed said.
He said: “The new era of financial services we stand for is user-centric and contributes to customers’ financial well-being.” Tarabut Gateway is crafting its strategies to contribute to Saudi Arabia’s financial transformation, aligning its objectives with the Vision 2030 blueprint, Almoayed added. “To become one of the first entities to receive this certification, we had to prove our capabilities and commitment to Saudi Arabia’s rapidly evolving financial landscape which aligns perfectly with key objectives of our strategic growth plan,” Almoayed stated.
He further added that, since its inception, TG’s role has been to anticipate and proactively adapt to regulatory innovation.
“We were always working closely with regulators to foster sector innovation. We want to streamline financial operations on an industrial scale and facilitate economic growth in the process,” he said.
With its focus on energizing the fintech ecosystem, the fintech company is set to provide a dynamic platform that enables banks, SMEs, lenders, and large corporations to tap into data, facilitate payments and devise groundbreaking financial solutions. “Demand for innovative financial solutions in the Kingdom is strong and consumer-driven,” Almoayed said.
“In building the pipelines for financial data to flow freely between players in the finance industry, we provide organizationswiththetoolstoinnovateandthink of novel solutions. This will improve consumers’ overall financial experiences and is part of our mission to contribute to a financially savvy and inclusive society,” he added.
The company recently secured $32 million in funding in an effort to catalyze its open banking operations within the Kingdom.
The new era of financial services we stand for is user-centric and contributes to customers’ financial well-being. Abdulla Almoayed
Tarabut Gateway CEO, founder