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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.
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.
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”.