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Tarabut Teams With FLOOSS For Faster Loan Approvals
The new Income Verification product is the first and fastest digital loan service in Bahrain.
Leading MENA Open Banking company Tarabut has announced a collaboration with Bahrain-based digital lending platform FLOOSS.
The pioneering partnership has created Bahrain’s first Open Banking-enabled digital lending service, significantly reducing loan approval times to mere minutes using Tarabut’s Income Verification solution.
Previously, loans could take up to two weeks to approve. By leveraging the latest Open Banking APIs, FLOOSS customers now enjoy a seamless lending journey with enhanced security and no longer need to submit salary certification during the application process manually.
Abdulla Almoayed, Founder and Chief Executive Officer of Tarabut, said, “We are proud to announce our latest partnership with FLOOSS, one of Bahrain’s leading lending platforms. Together, we are promoting financial inclusion and developing Bahrain’s financial infrastructure in line with the country’s plans for a robust financial ecosystem. Everyone should have access to affordable and efficient lending facilities, and this partnership is a crucial step towards that goal”.
Fawaz Ghazal, Chief Executive Officer of FLOOSS, said, “The customer lending experience and journey must be reimagined; customers expect more from their financial service providers. Working with the team at Tarabut, FLOOSS has implemented a customer-first solution that improves lending processing times to a few minutes and more seamlessly than any other lenders, anytime and anywhere. We are proud of the innovative work and look forward to more announcements with our partner, Tarabut, in the Kingdom of Saudi Arabia soon”.
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In Bahrain, demand for personal loans is steadily growing and now totals BD 5.7 billion or 38.2% of GDP. As Tarabut collaborates with more lenders, financial enterprises and banks across the MENA region, the payment landscape is rapidly becoming more diverse and modern. Open Banking technology is a key feature of modern financial infrastructures and helps businesses maximize revenue, reduce operational costs and enrich customer experiences.
News
Saudi Digital Payments Reach 80% As Cash Use Shrinks
Visa data shows cards and mobile wallets dominate spending, with smartphones now driving a growing share of daily transactions.
Digital payments now account for 80% of all transactions in Saudi Arabia, according to Visa’s latest Where Cash Hides report, another marker of how quickly the Kingdom is moving away from cash.
The share is up four percentage points from a year ago. Around 67% of consumers are now largely non-cash users, paying mainly with cards or mobile wallets. Smartphones are taking a bigger role, with mobile payments making up 16% of transactions.
Cash is retreating in routine spending. Eating out dropped 9%. Bill payments fell 8%, as shoppers opt for faster checkouts and app-based payments.
“The data shows a steady move toward digital payments in Saudi Arabia. Such progress is possible only because banks, fintechs, merchants, and technology partners are moving together in the same direction, in line with the Kingdom’s Vision 2030,” said Ali Bailoun, Visa’s Senior Vice President and Group Country Manager for Saudi Arabia, Bahrain, and Oman.
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Despite the recent findings, it’s important to note that cash hasn’t yet disappeared. It still shows up for tips (39%), peer-to-peer transfers (28%) and rent (14%).
Visa points to security features such as tokenization, along with rewards and cashback, as factors nudging more spending onto cards and phones — a shift that tracks with Saudi Arabia’s wider Vision 2030 push to digitize commerce.
Saudi Digital Payments Reach 80% As Cash Use Shrinks
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