Tarabut Gateway, the Middle East and North Africa’s (MENA’s)
leading open banking platform has announced a strategic partnership with the
global digital payment leader Visa.
The
two companies will collaborate on developing new products and solutions using open
banking capabilities. The initial focus will be on creating data-driven
offerings such as credit risk assessments, advanced analytics, and insights.
Additional solutions anticipated will involve cross-border payments and
lending.
The
partnership, according to a statement issued on Tuesday will elevate product
offerings through technology and expertise collaboration, enhance customer
experiences, streamline cross-border transactions, and foster innovation and
cooperation across the financial ecosystem.
This
announcement follows Tarabut Gateway’s recent US$32 million fundraise, in which
Visa participated as an investor – marking their first venture into the MENA
open banking sector – and cementing the two companies’ financial and
operational collaboration moving forward.
The
investment in Tarabut Gateway is consistent with Visa’s open banking strategy
to partner and invest in leading companies for the co-development of innovative
products and solutions and follows last year’s acquisition of Tink, one of
Europe’s leading open banking platforms.
Commenting on the partnership, the Founder and Chief
Executive Officer of Tarabut Gateway, Abdulla Almoayed said “We are excited
to announce our strategic partnership with Visa, a world-class brand. Our
existing close relationship, through Visa’s investment in Tarabut Gateway, has
paved the way for this collaboration. The progress of open banking in the
Middle East in recent years has been remarkable, and we are grateful for the
opportunity to lead the sector and support the entire ecosystem. “Together with Visa, we will leverage our data infrastructure to bring
new and improved products to customers. As a visionary in the payments
industry, Visa’s solutions will support innovation and collaboration across the
MENA financial sector, and our strategic alignment will strengthen this
partnership.” On his part, the Senior Vice-President
and Head of Product, Partnership, and Digital Solutions for Visa Central and
Eastern Europe, Middle East, and Africa, Otto Williams also noted that“The
future of financial services is being shaped by next-gen digital innovation,
with open banking and data sharing serving as a significant driver to help
consumers better manage and access their finances. As we look to the future of
digital financial services, it is clear that the key drivers of growth will be
innovation and openness.
By partnering with Tarabut Gateway and integrating our
global payments network with their open banking platform, we are poised to
deliver innovative financial services that cater to the unique needs of the
MENA region. Our shared commitment to next-generation solutions will enable us
to transform the financial landscape and offer cutting-edge services to our
customers.”
Tarabut Gateway provides platform-agnostic solutions for banks, merchants, and fintech
to build apps, and its user-friendly APIs enable various services such as lending,
personal finance, and payments. The company is building an open banking
infrastructure across Saudi Arabia, the UAE, and Bahrain, with plans for
further MENA expansion.
By: Kanto Okanta
