- Follows $32 million Series A fundraise & Visa partnership aimed at strengthening Saudi market
Riyadh, Saudi Arabia:– Tarabut Gateway, MENA’s leading open banking platform, announces today it has successfully completed the KSA Open Banking certification and is now launching its Open Banking services within the Regulatory Sandbox, based on the Open Banking Framework released by the Saudi Central Bank (SAMA).
This certification, a significant milestone in the company’s growth trajectory, demonstrates Tarabut Gateway’s commitment to delivering best-in-class user experiences that power the region’s next generation of financial services.
Abdulla Almoayed, CEO of Tarabut Gateway, commented:
"We are delighted to meet the rigorous Open Banking Framework released by the Saudi Central Bank (SAMA). This achievement reflects our relentless commitment to driving the growth of open banking in the Kingdom of Saudi Arabia and beyond. We extend our gratitude to SAMA for its continued support and guidance throughout this process."
Tarabut Gateway's achievement of being among the first to attain the certification significantly bolsters its position as a major player in the region's evolving financial technology landscape. It is a testament to the company's dedication to spearheading innovation and growth within the open banking industry in the region.
In November 2022, Tarabut Gateway became one of the first fintechs to receive the permit to test its innovative services under SAMA’s regulatory sandbox environment. In May 2023, the company was certified as AIS Retail Provider.
About Tarabut Gateway
Tarabut Gateway is the MENA region’s first and largest regulated open banking platform, connecting a regional network of banks and Fintechs via a universal application programming interface (API). By offering tools that allow the facilitation and distribution of personalized financial services, Tarabut Gateway enables financial institutions to build a new world of financial services in MENA.
With offices across Bahrain and UAE, Tarabut Gateway went live with its API infrastructure in December 2019 and is already a dedicated technology partner for the leading banks in Bahrain. In October 2020, Tarabut Gateway expanded its presence in MENA, establishing offices in Abu Dhabi and Dubai. In April 2022, Tarabut Gateway became the first open banking platform to secure AIS (account information services) and PIS (payment initiation services) Category 4 licences from the Dubai Financial Services Authority (DFSA). The Saudi Central Bank - SAMA - has included Tarabut Gateway among the first participants of its Regulatory Sandbox, in 2022.
Led by Pinnacle Capital and backed by Visa, Tiger Global, and Aljazira Capital, Tarabut Gateway raised $32 million for its Series A in May 2023; and announced its partnership with Visa, marking the global payment company’s first open banking collaboration in MENA.
For more information visit: www.tarabutgateway.com