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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.

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tarabut gateway and visa aim to redefine open banking in mena
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”.

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Initial Trials Of Dubai’s Driverless Evocargo Trucks Completed

Testing was announced on July 17, and the completion is a major milestone towards upgrading the region’s logistics infrastructure.

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initial trials of dubai's driverless evocargo trucks completed
Dubai Media Office

A Dubai-based company has completed the initial trials for the UAE’s first driverless trucks. The groundbreaking achievement by Evocargo, partnering with Dubai South, took place at Dubai South Logistics District, and marked a significant step towards incorporating autonomous technologies into the region’s wider logistics infrastructure.

Announced on Wednesday, July 17th, the trials featured the Evocargo N1 unmanned electric truck navigating a predetermined route within a controlled setting. The test involved interactions with common road obstacles such as cars, trucks, and pedestrians, aiming to evaluate the vehicle’s hardware and software reliability, accident prevention systems, and overall readiness for public road use.

Officials were keen to highlight that this accomplishment aligns with the UAE’s ambitious strategy to position itself as a global leader in innovation and technology adoption. The country aims to have 25% of all transportation in Dubai autonomous by 2030, underscoring its commitment to revolutionizing the logistics sector using advanced technologies.

Mohsen Ahmad, CEO of the Logistics District at Dubai South, emphasized the importance of the collaboration with Evocargo in enhancing the region’s logistics capabilities. He noted that autonomous vehicles are set to increase efficiency, reduce carbon emissions, and establish a sustainable logistics infrastructure that will benefit both Dubai and the wider UAE.

Also Read: Riyadh Developers Reveal New 45,000-Seat Murabba Stadium

Ahmed Al-Ansi, CEO of Evocargo Autonomous Logistic Services, also expressed optimism that the trials will draw new customers and investments across the Gulf Cooperation Council (GCC) countries. The partnership aims to lead in innovative tech solutions, further establishing the UAE as a pioneer in autonomous transportation.

The successful completion of the trials marks a crucial step towards realizing the UAE’s vision for a technologically advanced and sustainable future in which autonomous vehicles are expected to play a pivotal role in global logistics.

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