Tarabut Gateway to enter the Saudi fintech industry with the launch of open banking

Tarabut Gateway, a Dubai-based financial technology business, is expanding its footprint in Saudi Arabia through collaborations and activities to promote open banking. With the debut of open banking in the first trimester of 2023, the region's financial technology industry is going to see massive potential.

By increasing data openness, open banking allows third-party users to connect apps and services to financial companies. The firm has turned out to be a reliable B2B local infrastructure provider for open banking with their services in Bahrain, UAE, and the Middle East. 

According to Abdulla Al-Moayed, CEO and creator of Tarabut Gateway, in a candid interaction with Arab News, the firm has indeed formed various agreements with financial technology firms and banks in the Country, with ambitions to build its regional offices by March 2023.

"We will establish a whole country-specific organization tailored to that targeted industry in Saudi Arabia. "We are quite pleased about the magnitude of the industry and the possibility it brings, and we will be establishing facilities to be able to cater to that industry," Al-Moayed added.

According to Al-Moayed, open banking focuses on the consumer since it gives people ultimate control over their financial records by allowing or canceling entry to it. Al-Moayed went on to say that the Saudi Central Bank, better known as SAMA, has licensed over a handful of financial technology businesses and that over 80 firms are enrolled in SAMA's global framework.

In line with Vision 2030, SAMA is eager to boost the region's finance tech industry by boosting the number of fintech startups and supplying the necessary equipment for open banking. Tarabut Gateway was also registered in the sandbox by SAMA at the outset of the calendar year when it began investigating its open banking services with institutions and startups.

"Our objective is to help and guarantee that open banking becomes a breakthrough at the federal level. More significantly, we are devoted to assisting Saudi Arabia in achieving success in open banking. "That's why we're engaging with the entire ecosystem, whether it's financial technology, banks, or regulators," Al-Moayed stated.

Al-Moayed stated that the firm is collaborating with numerous licensed fintech firms in the Nation, including Malaa, Drahim, and Tamam. He also noted that the region's well-governed procedures to help fintech businesses and banks would serve as a model for all other nations to emulate.

According to the creator, the region's central bank has provided the necessary oversight and atmosphere for companies to grow and expand into manufacturing.