Tarabut Gateway, a leading open banking platform with offices across Bahrain and the UAE, has been granted a licence 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 centre in the Middle East, Africa and South Asia (MEASA) region.
This licence marks the first time the DFSA has authorised a firm to provide account information services (AIS) and payment initiation services activities.
By obtaining this licence, Tarabut Gateway further cements its position in the UAE and plans to boost innovation in the sector, set new industry standards, and support the financial ecosystem, it stated.
On the development, Founder and CEO Abdulla Almoayed said: “It is an honour for us to be granted the first licence 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.”
Tarabut Gateway is a leading FinTech pioneer, operating across the Middle East and North Africa (MENA) region, and backed by regional and international investors. It has partnerships with multiple banks, financial institutions and FinTech companies across the region.
“We are grateful to DFSA for granting us this regulatory licence and we look forward to working in close collaboration with DIFC to drive innovation in financial services,” he stated.
DIFC Chief Business Development Officer Salmaan Jaffery said: “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,” he added.
The licence that has been granted by DFSA allows the provision of arranging money services as well as AIS and PIS.