The region’s open banking platform Tarabut Gateway entered into a strategic partnership with Saudi Arabia-based Qarar, the technology arm of SIMAH, which is the first and largest credit bureau in the Kingdom.
The two entities will work together to boost reliable, fast, and accessible lending for individuals and businesses while revolutionising the financial landscape in the Middle East.
The collaboration aims to pave the way for faster and more reliable lending by leveraging Tarabut Gateway’s open banking solutions and Qarar’s expertise in credit scoring and decision automation, according to a press release.
Saudi Arabia’s Qarar is a leading advanced analytics and decision automation company in the Middle East, with expertise in predictive modelling and advanced technology.
Founder and CEO of Tarabut Gateway, Abdulla Almoayed, said: "We are thrilled to partner with Qarar, a leader in credit analytics and decision technology. Together, we will leverage our expertise, technology and the power of open banking to help financial institutions offer personalised lending solutions and drive financial inclusion in the MENA region."
Meanwhile, the CEO of Qarar, Zaid Kamhawi, said: "This partnership with Tarabut Gateway marks a significant milestone for Qarar in our mission to empower financial institutions with advanced decision technology.”
Kamhawi added: “We are excited to collaborate with Tarabut Gateway and further enhance the use of open banking data to inform and automate credit decisions that will help financial institutions better serve their customers and contribute to the growth of the region's economy."
It is worth noting that Tarabut Gateway is currently building an open banking infrastructure across Saudi Arabia, the UAE, and Bahrain. It recently closed a $32 million Series A fundraise that was led by Pinnacle Capital, a leading alternative investment company focusing on Saudi investments.
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