MENA-based Open Banking platform Tarabut Gateway has partnered with four banks in the Kingdom of Saudi Arabia (KSA) as part of its expansion in the region.
Riyad Bank, Saudi British Bank (SABB), Alinma Bank and Banque Saudi Fransi (BSF) have selected Tarabut Gateway as a partner in the KSA, where Open Banking is due to launch soon.
Abdulla Almoayed, CEO of Tarabut Gateway, said: “We are delighted to have been selected to partner with many of KSA’s leading banks. KSA is on the cusp of Open Banking driving rapid innovation and transforming the Kingdom’s financial services.
“The country’s vision is ambitious and achievable, and we look forward to being a core part of the Open Banking ecosystem.”
Financial institutions and fintechs can connect and build their own apps on top of Tarabut Gateway’s platform, to offer payment services and digital wallets.
In April, Tarabut Gateway became the first regulated Open Banking platform in the United Arab Emirates, after being granted a licence by the Dubai Financial Services Authority.
Emad Kashgari, senior vice president and head of digital innovation and partnership section at Riyad Bank, said: “At Riyad Bank, we aim to continue being at the forefront of innovation and providing customers with enhanced digital offerings and customer experience through Open Banking adoption.”
Tarabut Gateway said that under the Saudi Vision 2030 plan for economic and social reform, the KSA has prioritised financial sector transformation as part of the Financial Sector Development Program and is aiming for 70% non-cash transactions by 2030.
In a statement, Alinma Bank said it is “pleased to be an Open Banking partner of choice” through its partnership with Tarabut Gateway.
Musaifer Alosaimi, chief information officer at SABB, added: “At Saudi British Bank, we continue to invest in being an active role in developing KSA’s financial sector through innovation and customer experience. Additionally, through Open Banking, we are committed to our role in achieving the Kingdom’s vision, supporting economic growth, and safeguarding financial stability.”
The number of fintech start-ups in the KSA rose 37% to 81 during 2021, according to Tarabut Gateway.
“With innovation and customer experience taking precedence in BSF’s business strategy and through our adoption of Open Banking technology and building an API-based testing sandbox, BSF can stimulate further innovation and collaboration within the Fintech space in KSA,” said Michael Cunningham, chief strategy and digital officer at BSF.