Riyadh – Mubasher: Tarabut Gateway has received its open banking certification from the Saudi Central Bank (SAMA) to launch its open banking services within the Regulatory Sandbox in Saudi Arabia.

Obtaining this certification follows the $32 million Series A fundraise as well as its partnership with Visa that are aimed at strengthening the Saudi market.

CEO of Tarabut Gateway, Abdulla Almoayed, said: "We are delighted to meet the rigorous Open Banking Framework released by SAMA. This achievement reflects our relentless commitment to driving the growth of open banking in the Kingdom of Saudi Arabia and beyond."

The company was certified as AIS Retail Provider in May this year; AIS is the sharing of customers' financial account information between different financial institutions operating in the ecosystem.

Tarabut Gateway recently collaborated with Saudi Arabia-based Qarar to boost reliable, fast, and accessible lending for individuals and businesses while revolutionising the financial landscape in the Middle East.

Earlier in March 2023, the firm joined Rain, the region’s first regulated crypto assets trading platform to offer faster, cost-effective fiat-to-crypto transactions to Bahrain end-users.

Meanwhile, in November 2022, Tarabut Gateway became among the first fintechs to receive the permit to test its innovative services under SAMA’s regulatory sandbox environment.