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- Tarabut Gateway's infrastructure powers Tamam by accelerating financing, and reducing risk
Riyadh: Tarabut Gateway, MENA’s leading regulated open banking platform, announces a new partnership with Tamam at LEAP Riyadh 2023. Tamam is a Shariah-compliant micro-lending service provider based in Saudi Arabia and a subsidiary of Zain, a leading telecommunications company in the MENA region.
As part of this latest fintech partnership, Tarabut Gateway will provide Tamam with Account Information Services (AIS) through its TG Connect product. TG Connect gives Tamam access to real-time financial data with user consent.
Tarabut Gateway's open banking platform serves as the infrastructure that enables banks and fintechs to connect and collaborate. Its product enhances the ability of micro-lending fintechs such as Tamam to better serve their end-users, by addressing the limited access to third-party banking data and ultimately improving customers' financial well-being.
TG Connect offers a broad range of banking data which Tamam can leverage to expand its offerings for end users. Additionally, through Tarabut Gateway’s Income Verification product, Tamam benefits from a more efficient and streamlined process for verifying the incomes of loan applicants. This, in turn, allows Tamam to reach a larger audience with a need for micro-loans.
This partnership will make micro-loans more widely and easily accessible, resulting in more favorable loan arrangements for both fintechs and customers. It is also advancing KSA’s fintech ecosystem.
Tarabut Gateway’s role in spearheading open banking-led collaboration across infrastructure and micro-lending players is in line with the Open Banking Program initiated by SAMA to bolster the Kingdom’s Vision 2030. It follows SAMA’s recent award of Regulatory Sandbox Approval to Tarabut Gateway to test open banking products and services in KSA.
Abdulla Almoayed, Chief Executive Officer of Tarabut Gateway, said:
“We’re thrilled to welcome Tamam as a new fintech partner to Tarabut Gateway’s growing network in the KSA. This partnership comes at a great time as it aligns with Vision 2030 and will drive growth in consumer micro-lending as the Kingdom moves towards a digital economy.
“Our open banking platform and infrastructure acts as a catalyst for the fintech ecosystem in the KSA. This benefits everyone from banks to merchants, businesses, and consumers, fostering innovation and growth."
Tarabut Gateway will further power Tamam’s service offerings with tools to analyse customer data. By being able to verify the incomes of loan applicants automatically and rapidly, the need for manual processing is reduced. The effect is more time for management, and lower costs. Lower costs will allow Tamam to approve more loans, and offer users more attractive credit rates.
Tarabut Gateway’s open banking platform is ideal for the development of micro-lending products in the KSA, aligning with the country’s mission to grow its fintech economy and improve sector competitiveness.
The MENA region has embarked on an exciting journey, with many countries, including the Kingdom, legislating open banking regulations, developing digital economies, and leading on open, next generation financial services. The journey will bring new competitive products, enhanced user experiences, improved financial wellbeing, and a collaborative ecosystem – with Tarabut Gateway at the centre.
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Further information
Thoburns
Katherine Smitten: +34 633 66 36 99
Ben Rothschild: +44 7492 092 052
Notes to Editors
About Tarabut Gateway
Tarabut Gateway is the MENA region’s first and largest regulated open banking platform. Tarabut Gateway (TG) is revolutionizing the financial services sector by reducing barriers to entry and providing enabling infrastructure for data and payments to flow freely across the entire MENA region. Tarabut Gateway’s infrastructure enables ecosystem players to focus on building the next generation of financial products & experiences.
With offices across Bahrain UAE and KSA, Tarabut Gateway went live with its API infrastructure in December 2019, and is already a dedicated technology partner for leading banks in the region. 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) and has recently been selected as the technology partner of choice for Dubai International Financial Centre’s Open Finance Lab Program.
In July 2022 and as part of its expansion into KSA, Tarabut Gateway partnered with four leading KSA banks. In November 2022, Tarabut Gateway became one of the first fintechs to receive the permit to test in SAMA’s regulatory sandbox.
For more information visit: www.tarabutgateway.com
