Tarabut Gateway completes Saudi open banking certification

Tarabut Gateway completes Saudi open banking certification

Open banking platform Tarabut Gateway has successfully completed Saudi Arabia’s open banking certification. The platform is launching its open banking services within the regulatory sandbox, based on the Open Banking Framework released by the Saudi Central Bank (SAMA). Abdulla Almoayed, CEO of , said: “We are delighted to meet the rigorous Open Banking Framework released by SAMA. This achievement reflects our relentless commitment to driving the growth of open banking in Saudi Arabia and beyond. We extend our gratitude to SAMA for its continued support and guidance throughout this process.” In November 2022, became one of the first fintechs to receive the permit to test its innovative services under SAMA’s regulatory sandbox environment. In May, the company was certified as an AIS Retail Provider. These developments follow the $32m Series A fundraise and partnership with Visa aimed at strengthening the Saudi market. In November 2021, the company raised $12m from backers that include Tiger Global and the Dubai International Fintech Fund, the investment vehicle of the emirate’s financial centre, in November 2021. The fintech firm was granted a licence by the Dubai Financial Services Authority to provide money services in the Dubai International Financial Centre last year. The company also