Arab News, Wednesday, May 31, 2023 | Thul-Qidah 11, 1444
Saudi Central Bank grants Tarabut Gateway open banking certification
Saudi Arabia:
As part of its efforts to become a global fintech hub, Saudi Arabia has granted
open banking certification to Dubai-based Tarabut Gateway.
Following the approval from the Saudi Central
Bank, also known as SAMA, the fintech company aims to intensify its operations
in the Kingdom.
Tarabut Gateway, the region’s leading regulated
open banking platform, has become one of the early recipients of SAMA’s permit
to carry out its operations in Saudi Arabia.
Talking to Arab News, Abdullah Almoayed, CEO and
founder of the fintech company, said that consumers in Saudi Arabia can now
expect a wide range of innovative and personalized financial services.
“We are aware of the unique challenges faced by
small and medium enterprises in Saudi Arabia, particularly regarding cash-flow
management and access to funding. We will address this issue head-on by
assisting SMEs to access the funding they need, via open banking-enabled
financial services and products,” Almoayed said.
He said: “The new era of financial services we
stand for is user-centric and contributes to customers’ financial well-being.”
Tarabut Gateway is crafting its strategies to
contribute to Saudi Arabia’s financial transformation, aligning its objectives
with the Vision 2030 blueprint, Almoayed added.
“To become one of the first entities to receive
this certification, we had to prove our capabilities and commitment to Saudi
Arabia’s rapidly evolving financial landscape which aligns perfectly with key
objectives of our strategic growth plan,” Almoayed stated.
He further added that, since its inception, TG’s
role has been to anticipate and proactively adapt to regulatory innovation.
“We were always working closely with regulators to
foster sector innovation. We want to streamline financial operations on an
industrial scale and facilitate economic growth in the process,” he said.
With its focus on energizing the fintech
ecosystem, the fintech company is set to provide a dynamic platform that enables
banks, SMEs, lenders, and large corporations to tap into data, facilitate
payments and devise groundbreaking financial solutions.
“Demand for innovative financial solutions in the
Kingdom is strong and consumer-driven,” Almoayed said.
“In building the pipelines for financial data to
flow freely between players in the finance industry, we provide organizations
with the tools to innovate and think of novel solutions. This will improve
consumers’ overall financial experiences and is part of our mission to
contribute to a financially savvy and inclusive society,” he added.
The company recently secured $32 million in
funding in an effort to catalyze its open banking operations within the Kingdom.