Bahrain-based fintech startup Tarabut Gateway has forayed into the UAE market by launching its open banking platform in the country.

Moreover, Tarabut has opened two new offices ‘Hub71’ and ‘DIFC FinTech Hive’, in Abu Dhabi and Dubai, respectively.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The company claims that it is the first regulated open banking platform in the Middle East and Africa (MENA) region.

It allows fintech and other financial services providers to access customers’ financial data – with their consent – via its open banking APIs.

This enables companies to improve their digital offerings.

Tarabut Gateway currently has retail banking partners across Bahrain, Kuwait, Lebanon, the UK, India, and now the UAE.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The startup offers three products: account aggregation, payment initiation, and infrastructure access.

According to the information available on the website, it seems that Payment Initiation and Infrastructure Access are still in the works while Account Aggregation is already being used by some clients.

Commenting on the UAE expansion, Tarabut Gateway founder and CEO Abdulla Almoayed said: “Our aim is to drive the next 50 years of banking technology and financial services in the UAE, in collaboration, rather than in competition with, existing institutions.

“By working hand-in-hand with government authorities, banks and fintech entrepreneurs, open banking can propel the country towards its UAE Centennial 2071 goal of becoming a more diversified and knowledge-based economy, helping the UAE tap into the open banking industry which is set to reach a global market size of $43bn over the next five years.”