Open bankingplatform Tarabut gets in-principle nod from UAE central bank

Yahoo

a day ago

Tarabut, an open banking and embedded finance platform operating in the Middle East and North Africa (MENA) region, has obtained in-principle approval from the Central Bank of the UAE.
This came in light of the recent Open Finance regulation introduced in the UAE.
According to a press release posted on Zawya, Tarabut is now the first fintech company in the region to hold licences under Open Finance frameworks in Bahrain, Saudi Arabia, and the UAE.
The platform's technology facilitates the use of customer-permissioned financial data by regulated financial institutions, lenders, insurers, and digital platforms.
This capability is said to support 'real-time' credit assessments, income verification, and tailored financial offerings.
By embedding these functionalities into partner platforms, Tarabut aims to enhance the accessibility of financial services across the region.
The company has been providing credit cards for individuals with limited credit histories.
It has also been offering revenue-based financing options for small and medium-sized enterprises (SMEs) and pre-check tools tools to lower underwriting expenses.
Additionally, it employs AI-based insights to customise user experiences.
These initiatives are in line with broader economic goals, promoting entrepreneurship, and lowering barriers to credit access.
Tarabut founder and CEO Abdulla Almoayed said: 'This is a pivotal step forward for financial inclusion in the UAE and across the region. 'We're proud to partner with the Central Bank of the UAE to help realise the national vision for Open Finance.
"Tarabut's infrastructure delivers real-time, data-driven products - credit cards for the underserved, embedded SME financing, and more, driving real economic value and enabling access where it's needed most.'
"Open bankingplatform Tarabut gets in-principle nod from UAE central bank" was originally created and published by Retail Banker International, a GlobalData owned brand.
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