Tarabut Gateway entered into a strategic partnership with the global digital payment leader Visa to endorse open banking across the MENA region by launching innovative products and solutions.
The initial focus will be on creating data-driven offerings, including credit risk assessments, advanced analytics, and insights.
Meanwhile, the additional solutions later on will involve cross-border payments and lending, according to a press release.
The strategic collaboration follows Tarabut Gateway’s recent $32 million fundraise, in which Visa participated as an investor and marked their first venture into the MENA open banking sector.
Founder and CEO of Tarabut Gateway, Abdulla Almoayed, said: “We are excited to announce our strategic partnership with Visa, a world-class brand. Our existing close relationship, through Visa's investment in Tarabut Gateway, has paved the way for this collaboration.”
Almoayed noted: “The progress of open banking in the Middle East in recent years has been remarkable, and we are grateful for the opportunity to lead the sector and support the entire ecosystem.”
The CEO added: “Together with Visa, we will leverage our data infrastructure to bring new and improved products to customers. As a visionary in the payments industry, Visa's solutions will support innovation and collaboration across the MENA financial sector, and our strategic alignment will strengthen this partnership.”
Otto Williams, Senior Vice-President and Head of Product, Partnerships, and Digital Solutions for Visa Central and Eastern Europe, Middle East, and Africa, said: “By partnering with Tarabut Gateway and integrating our global payments network with their open banking platform, we are poised to deliver innovative financial services that cater to the unique needs of the MENA region.”
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