Bahrain-based Tarabut Gateway has expanded to the United Arab Emirates with the launch of its open banking platform in the country.
The company has simultaneously opened two new offices at Abu Dhabi’s global tech ecosystem, Hub71 and Dubai’s DIFC FinTech Hive.
Tarabut Gateway offers a regional model and is already connected to a number of retail banks, having built what they say is the largest multi-sided open API infrastructure that launched in 2019.
Through its secure and universal open API platform, Tarabut Gateway creates opportunities and fosters collaboration between financial institutions and fintechs.
The business is led by Abdulla Almoayed, CEO and founder of Tarabut Gateway, who has more than 15 years of investment experience across various sectors, with a specialism in digital transformation of the MENA region.
Almoayed praised the UAE in fostering a culture for businesses to thrive:
“We are delighted to open our new offices in Abu Dhabi and Dubai and accelerate the opportunity for Open Banking in the United Arab Emirates. With the strong leadership and cooperative spirit of both Abu Dhabi Global Market (ADGM) and DIFC, businesses can innovate in a transparent environment and work together towards advancing the financial services sector.
“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 $43 billion over the next five years.”
The establishment of its offices across the UAE, adds to the global presence of Tarabut Gateway in Bahrain and the United Kingdom, as the business continues its rapid expansion.