Tarabut Gateway, the largest Open Banking platform in the MENA region with a market presence in Bahrain, the UAE and Saudi Arabia, has made four new key banking partnerships in Saudi.
As part of its expansion in Saudi Arabia, and the developments in Open Banking, Tarabut Gateway revealed it has been selected by some of the leading banks in the kingdom as a partner including Riyad Bank, Saudi British Bank (SABB), Alinma Bank and Banque Saudi Fransi (BSF).
The Saudi market is well positioned for the coming Open Banking revolution, as the Kingdom has prioritized financial sector transformation as part of the Saudi Vision 2030 plan for economic and social reform. Saudi has stated its intention to go cashless, with a goal of 70 percent non-cash transactions by 2030.
“We are delighted to have been selected to partner with many of Saudi Arabia’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.”
Tarabut Gateway plays a vital role in building the ecosystem’s infrastructure. Using the Company’s platform-agnostic solutions, traditional financial institutions and Fintechs can connect and build their own apps on top of Tarabut Gateway’s platform, offering payment services, digital wallets, and multiple other use cases, in addition to a unified and easy to use developer portal.
Working closely with regulators, Tarabut Gateway provides the connectivity for data to flow between banks and Fintechs, and supports the creation of a thriving ecosystem, sector growth, and ultimately a better consumer experience.