Dubai International Financial Centre (DIFC) has selected Tarabut Gateway as the technical platform partner for its new Open Finance Lab.

DIFC’s Open Finance Lab, which was launched this week, aims to unlock economic benefits, financial wellness, and inclusion.

Tarabut Gateway, is an open banking platform in the Middle East and North Africa (MENA) region, with operations in Bahrain, United Arab Emirates and Saudi Arabia.

The initiative will also be joined by banks such as Commercial Bank of Dubai, First Abu Dhabi Bank, Mashreq Bank, National Bank of Ras Al-Khaimah, and digital bank Zand.

It will be used as a platform to educate and engage banks, regulators and fintechs, as well as a live testbed to present use cases, impact and implementations of open finance.

The announcement comes after the Dubai Financial Services Authority (DFSA) licenced Tarabut Gateway as the first regulated open banking platform.

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Tarabut Gateway CEO Abdulla Almoyaed said: “We are honoured to have been selected by DIFC as its preferred platform partner for the region’s first Open Finance Lab.

“The UAE’s commitment to shaping the future of finance and establishing itself as a major global fintech hub is reflected in the support we have received from regulators such as the DFSA.

“We are committed to contributing to the country’s vision and look forward to enabling a new world of financial services in collaboration with the various ecosystem players.”

Earlier this month, Tarabut Gateway formed four new key banking partnerships with banks in Saudi Arabia.