News

Tarabut Gateway & Visa Aim To Redefine Open Banking In MENA

The partnership will merge the capabilities of both companies as they plan innovative new solutions for the MENA region.

Published

2 years ago

May 9, 2023

Nour Nasir

Tarabut

Tarabut Gateway, the MENA region’s leading Open Banking platform, has announced a new strategic partnership with global payment leader Visa.

The companies will use their extensive Open Banking experience to collaborate on new products and solutions, such as credit risk assessments and lending, cross-border payments, and advanced analytical tools.

Tarabut Gateway currently offers various API-based solutions enabling banks, merchants, and fintech startups to build financial apps. Meanwhile, the company’s extensive Open Banking infrastructure continues to expand across Saudi Arabia, the UAE, and Bahrain.

tarabut gateway partnership with visa

The new partnership with Visa aims to enhance customer experiences and foster innovation across the region. It comes after Tarabut Gateway’s recent 32 million USD investment drive, in which Visa was a key participant.

Visa’s investment in Tarabut Gateway follows its recent acquisition of leading Open Banking platform Tink and represents part of a broader MENA strategy.

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, explained his excitement about the collaboration:

“Our existing close relationship, through Visa’s investment in Tarabut Gateway, has paved the way for this collaboration. The progress of open banking in the Middle East in recent years has been remarkable [and] together with Visa, we will leverage our data infrastructure to bring new and improved products to customers”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Meanwhile, Otto Williams, Senior Vice-President and Head of Product, Partnerships, and Digital Solutions for Visa Central and Eastern Europe, Middle East, and Africa, noted:

“The future of financial services is being shaped by next-gen digital innovation, with Open Banking and data sharing serving as a significant driver to help consumers better manage and access their finances. Our shared commitment to next-generation solutions will enable us to transform the financial landscape and offer cutting-edge services to our customers”.

News

“AI Seal” Certification Now Required For Dubai Gov Partnerships

The new mandatory certification is designed to build trust in AI companies and create a reliable network of providers for government and public collaboration.

Published

18 hours ago

January 21, 2025

Nour Nasir

ai seal certification now required for dubai gov partnerships

Dubai Media Office

Dubai has introduced the Dubai AI Seal, a certification designed to establish trust in artificial intelligence (AI) companies and solutions. This initiative, directed by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister, aims to create a reliable network of AI providers which government entities and businesses can collaborate confidently.

Companies must now obtain the AI Seal to qualify for UAE or Dubai government contracts. The Dubai Centre for Artificial Intelligence (DCAI), which developed the certification, sees it as a competitive edge for companies looking to participate in key national projects. Once certified, businesses will be permitted to showcase the seal across their websites and marketing materials, signaling their credibility and dependability.

The evaluation process will consider six main criteria: the company’s services and operations, the number of employees specializing in AI, ongoing and future projects, as well as existing partnerships with public and private sector entities.

dubai ai seal certification

Khalfan Belhoul, CEO of the Dubai Future Foundation, which oversees the DCAI, commented on the initiative’s potential: “This initiative will help create powerful partnerships between the public and private sectors, locally, regionally, and globally. It will help drive new economic opportunities by leveraging AI to serve better the economy, society, and the future we aspire to”.

Also Read: Top Free AI Chatbots Available In The Middle East

The Dubai AI Seal’s goals include providing a clear framework for verifying AI providers, fostering business opportunities for AI companies, and acknowledging the industry’s strategic importance to Dubai’s economy. The initiative emphasizes AI’s role in driving economic growth, creating jobs, and strengthening collaboration between government bodies and technology firms.

All technology companies operating in Dubai and offering AI-related services or products are eligible to apply for the certification at no cost through the official website.