Tarabut Gateway, a leading open banking platform with offices in Bahrain and the United Arab Emirates, has obtained a license from the Dubai Financial Services Authority (DFSA) to provide monetary services at the Dubai International Financial Center (DIFC).
Tarabut Gateway is the region’s first regulated open banking platform that connects a regional network of banks and FinTechs through a universal application programming interface (API).
DFSA is the independent financial services regulator of DIFC, the leading global financial center in the Middle East, Africa and South Asia (MEASA) region.
This license marks the first time that the DFSA has authorized a company to provide account information services (AIS) and payment initiation services.
By obtaining this license, Tarabut Gateway further solidifies its position in the UAE and expects to drive innovation in the sector, set new industry standards and support the financial ecosystem, he said.
Regarding the development, Founder and CEO Abdulla Almoayed said, “We are honored to be granted the first license for AIS and PIS in DIFC by DFSA and one that we take on with a great degree of responsibility. has huge potential for Open Banking across the UAE and the region, and it’s the commitment of regulators and authorities that helps companies like ours take those first steps.”
Tarabut Gateway is a FinTech pioneer, operating in the Middle East and North Africa (MENA) region, and backed by regional and international investors. It has partnerships with several banks, financial institutions and FinTech companies in the region.
“We are grateful to the DFSA for granting us this regulatory license and look forward to working closely with the DIFC to drive innovation in financial services,” he said.
Salmaan Jaffery, DIFC Business Development Manager, said: “Attracting leading FinTech companies, such as Tarabut Gateway, is in line with our strategy to create a global innovation ecosystem in Dubai that can help shape and developing the future of finance.
“Open Banking enables more choice and efficiency for customers as well as more product innovation for financial institutions,” he added.
The license which has been granted by the DFSA allows the provision of monetary arrangement services as well as AIS and PIS. -TradeArabia news service