Search by Popular Categories


  • Consumer

  • Commercial

  • Construction

  • Industrial

  • Oil & Gas

  • DIAMOND SPONSOR

COMMERCIAL NEWS

Tarabut selected as platform partner for Open Finance Lab

Jun 28, 2022 3:58 PM

Tarabut Gateway the largest Open Banking platform in the Middle East and North Africa (Mena) has been selected by the Dubai International Financial Centre (DIFC) as its preferred technical platform partner...

Tarabut Gateway, the largest Open Banking platform in the Middle East and North Africa (Mena) has been selected by the Dubai International Financial Centre (DIFC) as its preferred technical platform partner for its new Open Finance Lab.
 
The Open Finance Lab, which will formally launch on  June 28, 2022 at DIFC’s Innovation Hub located in the city’s Gate Avenue, aims to ultimately unlock economic benefits, financial wellness and financial inclusion. 
 
Tarabut Gateway’s participation is the latest milestone in the company’s leading and enabling role at the heart of the region’s Open Banking ecosystem and follows the consistent support it has received from the Dubai Financial Services Authority (DFSA). It also follows the recent announcement of Tarabut Gateway being the first regulated Open Banking platform to be licensed by the DFSA.
 
Banking sector participants
The Lab also includes a select list of banking sector participants to explore and unlock Open Finance growth opportunities. Participating banks include: Commercial Bank of Dubai, First Abu Dhabi Bank, Mashreq Bank, National Bank of Ras Al-Khaimah, and Zand, a digital bank in the final stages of obtaining its banking license from the Central Bank of UAE.
 
Abdulla Almoyaed, Chief Executive Officer of Tarabut Gateway, said: “We are honoured to have been selected by DIFC as its preferred platform partner for the region’s first Open Finance Lab. The UAE's commitment to shaping the future of finance and establishing itself as a major global FinTech hub is reflected in the support we've received from regulators such as the DFSA. We are committed to contributing to the country’s vision and look forward to enabling a new world of financial services in collaboration with the various ecosystem players.”
 
Forum to educate
The Lab will include a forum to educate and engage banks, regulators and FinTechs. It will also be a live testbed to showcase Open Finance’s positive impact on businesses, customers, and the wider economy via use cases, implementations, and live demonstrations.
 
These activities and stakeholder engagement will take place in December 2022, at which stage use cases and impact will be presented to government officials and the participating bank executives.
 
Tarabut Gateway plays a vital role in building the Open Finance ecosystem’s infrastructure. Using the company’s platform-agnostic solutions, traditional financial institutions and Fintechs can connect and build their own apps on top of Tarabut Gateway’s platform, offering payment services, digital wallets, and multiple other use cases, in addition to a unified and easy-to-use developer portal. 
 
Connectivity for data
Working closely with regulators, Tarabut Gateway provides the connectivity for data to flow between banks and Fintechs, support the creation of a thriving ecosystem, sector growth, and ultimately a better consumer experience.-- TradeArabia News Service
 

Premium Partners - commercial

COMMERCIAL NEWS

Abu Dhabi development fund's global spending tops $59bn Mar 28, 2024 16:44 PM

Abu Dhabi Fund for Development (ADFD) achieved remarkable results...

Microsoft launches Copilot Pro to empower individuals Mar 27, 2024 13:17 PM

Microsoft has announced the expansion of its Copilot Pro subscription...

ADIB leads closure of $235m syndicated transaction Mar 27, 2024 12:21 PM

Abu Dhabi Islamic Bank (ADIB) has announced the successful closure...

Future of AI-powered networking explored at event Mar 27, 2024 11:29 AM

Gulf Business Machines (GBM) in collaboration with Cisco and Nutanix...

Emirates Islamic marks 20 years of outstanding progress Mar 26, 2024 11:46 AM

Emirates Islamic one of the leading Islamic financial institutions...

Mubadala invests in India’s Avanse Financial Services Mar 26, 2024 10:52 AM

Mubadala Investment Company the Abu Dhabi-based investment company...