Tarabut, a Middle East and North Africa (MENA)-based open banking platform, has launched its regional headquarters in Riyadh.  

The move is aimed to strengthen the company’s technology infrastructure for open banking within the Kingdom of Saudi Arabia. 

The Riyadh headquarters is set to become a focal point for product development tailored to the Saudi market, as well as for enhancing client engagement.  

The opening ceremony saw attendance from representatives of several partnering financial institutions, including SNB, SAB, Alinma, Bank Aljazira, and GIB, as well as members of Tarabut’s board and executive team. 

Already connected to the major banks in Saudi Arabia, Tarabut has forged key partnerships within the financial sector. 

With the new headquarters in place, the company aims to enhance open banking embedded finance solutions by addressing challenges related to financing, credit assessments, and overall customer service. 

Tarabut founder and CEO Abdulla Almoayed said: “Establishing our headquarters in Riyadh is a long-term commitment to the Kingdom, and our pledge to build, to serve, and to grow alongside our regulator, partners, shareholders, and team. 

“I would like to thank the Saudi Central Bank, our partners, and our people – in particular, the outstanding Saudi talent at Tarabut – for being part of this journey as we support the Kingdom’s open banking rollout and fintech transformation.” 

Last month, the platform secured in-principle approval from the Central Bank of the UAE.  

Tarabut’s technology enables the sharing of customer-approved financial data among regulated entities such as banks, lending companies, insurance firms, and digital platforms, enhancing the ecosystem for financial services. 

Tarabut introduced credit card options for individuals with sparse credit records. 

The company also offers revenue-based financing for small and medium-sized enterprises (SMEs) and has developed tools to streamline underwriting processes, thus reducing associated costs.