Open banking platform Tarabut Gateway has announced four new key banking alliances as part of its expansion in the Kingdom of Saudi Arabia (KSA).

Leading banks in the KSA including Riyad Bank, Saudi British Bank (SABB), Alinma Bank and Banque Saudi Fransi (BSF), have selected the technology vendor as their partner.

Tarabut Gateway provides platform-agnostic solutions to financial institutions and fintechs allowing them to build their own apps to provide financial services. 

The open banking platform is said to work closely with regulators and enable data flow between banks and fintechs to create a thriving ecosystem and support sector growth. 

Tarabut Gateway CEO Abdulla Almoayed said: “KSA is on the cusp of open banking driving rapid innovation and transforming the Kingdom’s financial services. The country’s vision is ambitious and achievable, and we look forward to being a core part of the open banking ecosystem.”

Tarabut Gateway noted that as part of the Saudi Vision 2030 plan for economic and social reform, KSA is aiming for 70% non-cash transactions by 2030.

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Riyad Bank senior vice president / head of digital innovation & partnership section Emad Kashgari said: “SAMA has been a key pillar in the financial sector’s development, and KSA’s Open Banking evolution. 

“At Riyad Bank, we aim to continue being at the forefront of innovation and providing customers with enhanced digital offerings and customer experience through open banking adoption.”

The news comes after Tarabut Gateway’s $12m pre-series A round in November 2021.  The fintech claims to be a leading open banking player in the Middle East & North Africa (MENA) region with presence in Bahrain and the UAE along with KSA.