Riyadh, Kingdom of Saudi Arabia – 23 April, 2025: American Express Saudi Arabia has introduced a ground-breaking, open banking-powered experience within its mobile application, transforming not just the process but the accessibility of credit for a broader segment of customers. This includes those outside traditional employment structures (such as the self-employed and non-salaried individuals) – segments that have historically been underserved by conventional credit assessment models.
This pioneering initiative is powered by Tarabut, the MENA region’s leading regulated financial technology platform and enabled by Saudi Arabia’s forward-looking and progressive regulatory environment supporting secure, consent-based access to financial data. It marks a significant step toward more inclusive, customer-centric financial services and supports the Kingdom of Saudi Arabia’s national objectives around financial inclusion and economic participation.
Mr. Fahad Al Guthami, CEO at American Express Saudi Arabia, said: “At American Express Saudi Arabia, we are committed to delivering innovative, customer-first financial solutions that expand access and improve the experience for our card members. By partnering with Tarabut, we are supporting the Kingdom’s wider goals of financial inclusion while delivering a faster, more seamless, and secure credit journey. This milestone is a testament to our focus on leveraging technology to enhance financial accessibility, and we look forward to expanding our collaboration with Tarabut in the future.”
Abdulla Almoayed, Founder & CEO of Tarabut, said: “Saudi Arabia is undergoing a major transformation in financial services, and open banking is set to play a crucial role in shaping the future of customer experiences. Tarabut has been a trusted financial technology partner in the Kingdom for years, and we are fully prepared to scale new innovations as the market matures. Our collaboration with American Express Saudi Arabia demonstrates the power of open banking to simplify and accelerate financial access, and this is just the beginning of what we plan to achieve together.”
The new experience offers American Express customers in Saudi Arabia a faster, more seamless way to request credit limit increases, without the friction of manual processes. By enabling secure, consent-driven access to financial data, the solution enhances both customer convenience and the ability to serve previously underserved segments through a more dynamic risk assessment.
This also marks the first step in a broader collaboration between American Express Saudi Arabia and Tarabut, with more open banking-powered innovations planned for the future. As the regulatory landscape evolves, both companies are committed to introducing secure, data-driven solutions that advance financial inclusion, redesign digital journeys and set new benchmarks for customer experience across the Kingdom.
