DIFC licenses open banking platform Tarabut Gateway to offer AIS & PIS services

By Arya M Nair, Intern Reporter
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DIFC
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Tarabut Gateway, MENA’s largest open banking platform, has been granted a license by Dubai Financial Services Authority (DFSA) to provide money services in Dubai International Financial Centre (DIFC).

Tarabut Gateway is the region’s first regulated open banking platform that connects a regional network of banks and FinTechs via a universal application programming interface (API). DFSA is the independent regulator of financial services in DIFC, the leading global financial center in the Middle East, Africa and South Asia (MEASA) region.

This license marks the first time the DFSA has authorized a firm to provide account information services (AIS) and payment initiation services (PIS) activities. It will enable Tarabut Gateway further cement its position in the UAE and boost its plans to innovate the sector, set new industry standards, and support the financial ecosystem.

Abdulla Almoayed
Abdulla Almoayed
Founder & CEO
Tarabut Gateway

“It is an honor for us to be granted the first license 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 license and we look forward to working in close collaboration with DIFC to drive innovation in financial services.”

DIFC Chief Business Development Officer Mr. Salmaan Jaffery said that “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.”

Related: DIFC launches world’s 1st Studio Launchpad for Ubiquitous Finance ecosystem


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