Tarabut Gateway becomes first regulated Open Banking platform in UAE
Tarabut Gateway has become the first regulated Open Banking platform in the United Arab Emirates (UAE) after being granted a licence by the Dubai Financial Services Authority (DFSA).
The license means that Tarabut Gateway can provide payment services to and from Dubai International Financial Centre (DIFC), and is the first time the DFSA has authorised a firm to provide account information services (AIS) and payment initiation services (PIS) activities.
Abdulla Almoayed, founder and CEO of Tarabut Gateway, said: “It is an honour for us to be granted the first licence for AIS and PIS in DIFC by DFSA and one that we take with a great degree of responsibility.
“There is a huge potential for Open Banking across the UAE and the region, and it is the commitment from regulators and authorities that helps companies like ours take those initial steps. We are grateful to DFSA for granting us this regulatory licence and we look forward to working in close collaboration with DIFC to drive innovation in financial services.”
The licence that has been granted by DFSA, which is the independent regulator of financial services in DIFC, allows the provision of arranging money services, as well as AIS and PIS.
Salmaan Jaffery, chief business development officer at DIFC, added: “We are pleased to welcome Tarabut Gateway, MENA’s first and largest regulated Open Banking platform, to DIFC.
“Attracting leading fintech companies, such as Tarabut Gateway, is in line with our strategy to create a global innovation ecosystem in Dubai that can contribute to shaping and developing the future of finance. Open Banking enables more choice and efficiency for customers, as well as more product innovation for financial institutions.”
Tarabut Gateway went live with its API infrastructure in December 2019 and, in October 2020, expanded its presence in MENA, establishing offices in Abu Dhabi and Dubai.