Tarabut Secures In-Principle Approval from the Central Bank of the UAE: A New Era for Open Banking in the MENA Region
In a significant milestone for the fintech landscape in the Middle East and North Africa (MENA) region, Tarabut, a prominent open banking and embedded finance platform, has been granted in-principle approval by the Central Bank of the United Arab Emirates (CBUAE). This development comes on the heels of the recent implementation of the UAE’s Open Finance regulation, positioning Tarabut at the forefront of financial innovation in the region.
This approval marks an important advancement for Tarabut, making it the first fintech company to receive licenses under Open Finance frameworks in three Gulf nations: Bahrain, Saudi Arabia, and now the UAE. By achieving this trifecta of regulatory endorsements, Tarabut underscores its commitment to shaping the financial services of the future while playing a pivotal role in facilitating financial inclusion across the region.
As the landscape of financial services continues to evolve, Tarabut’s technology aims to create a seamless experience for regulated financial institutions, lenders, insurers, and digital platforms. It does this by allowing stakeholders to utilize customer-permissioned financial data, thereby enabling real-time credit decisions, income verifications, and tailored offerings for clients. By embedding these tools into their partners’ platforms, Tarabut is pioneering inclusive financial services that are both intelligent and accessible on a large scale.
Abdulla Almoayed, Founder and CEO of Tarabut, emphasized the landmark significance of this approval, stating, “This is a pivotal step forward for financial inclusion in the UAE and across the region. We’re proud to partner with the Central Bank of the UAE to help realize the national vision for Open Finance. Tarabut’s infrastructure delivers real-time, data-driven products—credit cards for the underserved, embedded financing options for small and medium-sized enterprises (SMEs), and more—thereby driving real economic value and facilitating access where it’s most needed.”
Tarabut is already transforming the financial landscape with innovative solutions tailor-made for the region’s unique challenges. Among the notable use cases that it has powered are credit cards specifically designed for thin-file customers, revenue-based financing tailored to the needs of SMEs, pre-check tools that minimize underwriting costs, and AI-enabled financial insights that enhance user experiences.
These initiatives align closely with the national economic objectives of promoting entrepreneurship, reducing barriers to credit, and improving overall financial health for individuals and businesses alike. The potential to stimulate economic growth is substantial, particularly as the region moves toward digital-first solutions in the face of an evolving global economy.
Operating with real-time connectivity to major banks in both Saudi Arabia and Bahrain, Tarabut’s latest achievement in securing regulatory clearance in the UAE uniquely positions it to expand its embedded finance and open banking services more widely across the MENA region. By delivering infrastructure that is not only inclusive by design but also focused on impactful implementation, Tarabut is set to redefine the standards of accessible financial services.
As global economic trends shape the narrative of fintech development, the regulatory support provided by CBUAE signals a robust framework for innovation while addressing the critical needs of various segments of the population, particularly underserved communities. This strategic partnership sets a precedent for future fintech endeavors and reinforces the UAE’s vision of becoming a global hub for technological advancement and financial services.
In conclusion, Tarabut’s in-principle approval from the Central Bank of the UAE heralds the beginning of a new chapter in the fintech sector, one characterized by inclusivity, innovation, and the promise of accessible financial solutions for all. The path forward is laden with opportunities that may very well redefine the economic landscape of the MENA region—where cooperation between regulatory authorities and innovative companies is essential in driving sustainable and inclusive economic growth.