Riyadh, Saudi Arabia – The Saudi Central Bank (SAMA) provided its approval for Tarabut Gateway to commence live testing and operations under its Regulatory Sandbox guidelines. Tarabut Gateway, the MENA region’s first and largest regulated open banking platform, will now launch its Open Banking product ‘TG Connect’ in Saudi Arabia providing financial institutions and fintechs the ability to connect and aggregate account data through one simple API integration.
The approval is one of the first awarded by SAMA, positioning Tarabut Gateway as one of the early market participants to be accepted in the regulatory sandbox. This step reinforces Tarabut Gateway’s mission to drive Open Banking growth and advance the financial ecosystem by providing essential and enabling infrastructure across the entire MENA region.
This milestone stems from the pivotal role SAMA plays in embracing the adoption of digital and technological innovations in the Kingdom. It also aligns with Tarabut Gateway’s commitment to playing a key contributory role in the Kingdom’s ‘Saudi Vision 2030’ by supporting banks and fintechs in innovating and building the next generation of financial solutions.
Abdulla Almoayed, Founder and CEO of Tarabut Gateway, commented:
“We are honored to be awarded the Open Banking Sandbox approval in KSA by an esteemed regulator such as SAMA. Tarabut Gateway is committed to working closely with KSA’s banks and exciting fintechs to help the ecosystem grow and scale, locally and beyond. These far-sighted regulatory initiatives are sure to position KSA as a renowned innovation hub – both in fintech and other key sectors of the future economy and we look forward to playing a key part in that.”
Saudi Arabia’s fintech sector is one of the Middle East‘s most dynamic start-up spaces, rapidly developing into an innovative fintech hub. Tarabut Gateway is excited to play a pioneering role in such a collaborative environment with young, ambitious, and home-grown fintechs contributing to the Kingdom’s positioning as the ultimate destination for fintech ventures across the region.
The Kingdom has asserted its drive towards innovation via its progressive policies, the launch of the ecosystem accelerator Fintech Saudi, the establishment of a regulatory sandbox for Open Banking start-ups, and new regulations for payment services providers.
Tarabut Gateway’s mission is focused on enabling endless possibilities within the financial ecosystem through Open Banking technology, to enhance financial inclusion and well-being. The company is committed to supporting the Kingdom’s national economic strategy by enabling both banks and fintechs to innovate and explore new use cases that create real value in the market.
Being the first open banking platform in MENA and operating across multiple markets, Tarabut Gateway has built a history of solid on-ground experience of not only navigating through regulatory requirements, but also applying best practices and providing an established and growing network of more than 50 regional partners, including banks and fintechs.
Tarabut Gateway is permitted by the Saudi Central Bank to test its innovative services under the Regulatory Sandbox environment. For more information, please click here.
