MENA-based Open Banking platform Tarabut Gateway has formed a partnership with Qarar, the credit analytics and technology arm of Saudi Arabian credit bureau SIMAH.
By combining Tarabut Gateway’s Open Banking solutions and Qarar’s credit scoring and decision automation capability, financial institutions will be able to offer tailored lending solutions to individuals and businesses in MENA.
The collaboration aims to speed up and improve the accuracy of credit decisions, by accessing real-time credit and financial information.
Abdulla Almoayed, founder and chief executive officer of Tarabut Gateway, said: “We are thrilled to partner with Qarar, a leader in credit analytics and decision technology.
“Together, we will leverage our expertise, technology and the power of Open Banking to help financial institutions offer personalised lending solutions and drive financial inclusion in the MENA region.”
The personal loans market in Saudi Arabia is projected to reach $670 billion by 2031, according to Tarabut Gateway.
“This partnership with Tarabut Gateway marks a significant milestone for Qarar in our mission to empower financial institutions with advanced decision technology,” added Zaid Kamhawi, Qarar’s chief executive officer.
“We are excited to collaborate with Tarabut Gateway and further enhance the use of Open Banking data to inform and automate credit decisions that will help financial institutions better serve their customers and contribute to the growth of the region’s economy.”
Tarabut Gateway, which is building an Open Banking infrastructure across Saudi Arabia, the UAE, and Bahrain, raised $32 million in a Series A funding round at the start of this month.
The funding round was led by alternative investment firm Pinnacle Capital, with participation from bank affiliate institutional investor Aljazira Capital, Visa, Tiger Global, and other existing investors.