UAE Business: Tarabut selected as platform partner for Open Finance Lab – Gulf Digital News

UAE Business: Tarabut selected as platform partner for Open Finance Lab – Gulf Digital News

Tarabut Gateway, the largest Open Banking platform in the Middle East and North Africa (Mena) has been selected by the Dubai International Financial Centre (DIFC) as its preferred technical platform partner for its new Open Finance Lab.

The Open Finance Lab, which will formally launch on June 28, 2022 at DIFC’s Innovation Hub located in the city’s Gate Avenue, aims to ultimately unlock economic benefits, financial wellness and financial inclusion.

Tarabut Gateway’s participation is the latest milestone in the company’s leading and enabling role at the heart of the region’s Open Banking ecosystem and follows the consistent support it has received from the Dubai Financial Services Authority (DFSA). It also follows the recent announcement of Tarabut Gateway being the first regulated Open Banking platform to be licensed by the DFSA.

Banking sector participants

The Lab also includes a select list of banking sector participants to explore and unlock Open Finance growth opportunities. Participating banks include: Commercial Bank of Dubai, First Abu Dhabi Bank, Mashreq Bank, National Bank of Ras Al-Khaimah, and Zand, a digital bank in the final stages of obtaining its banking license from the Central Bank of UAE.

Abdulla Almoyaed, Chief Executive Officer of Tarabut Gateway, said: “We are honoured to have been