Obtains preliminary approval from the Central Bank of the United Arab Emirates, Tarabut
Tarabut, a regional fintech, has made history by becoming the first company to be licensed under Open Finance frameworks in all three major Gulf economies - the United Arab Emirates, Saudi Arabia, and Bahrain [1][3][4][5]. This milestone positions Tarabut as a pioneer in providing the necessary infrastructure for banks, lenders, insurers, and digital platforms to securely and efficiently access and utilize customer-permissioned financial data.
Transformative Use Cases
Tarabut's platform enables a range of transformative use cases that have driven financial inclusion and innovation in the region. One such application is the provision of credit cards for customers with limited or thin credit histories, addressing the underserved market segment often excluded from traditional credit systems [1][4].
Another significant use case is revenue-based financing for small and medium-sized enterprises (SMEs), offering financing solutions tailored to cash flow rather than fixed credit metrics, thereby fostering entrepreneurship and SME growth [1][4].
The technology also includes tools to reduce underwriting costs by enhancing real-time credit decisioning and income verification processes [1][4][5]. Additionally, AI-driven financial insights personalize financial product offerings directly embedded into digital platforms, improving customer experience and financial well-being [1][5].
National Impact
These solutions from Tarabut are directly aligned with national economic goals, supporting entrepreneurship, reducing credit barriers, and improving financial health for individuals and businesses. Tarabut has partnered with the Central Bank of the UAE to realize the national vision for Open Finance [6].
American Express Saudi Arabia has also collaborated with Tarabut to expand access to credit [2]. Tarabut's technology enables real-time connectivity to all major banks in Saudi Arabia and Bahrain [3].
Abdulla Almoayed, the founder and CEO of Tarabut, stated that this approval is a pivotal step forward for financial inclusion in the UAE and across the region [7]. Tarabut's infrastructure, built for impact, delivers real-time, data-driven products that unlock inclusive, intelligent, and accessible financial services at scale.
Tarabut's unique positioning allows it to deliver infrastructure for embedded finance and Open Banking across the Middle East, making financial products available directly within partner ecosystems, thereby creating greater choice and value for retail, SME, and corporate consumers [1][3][4]. This approval from the Central Bank of the United Arab Emirates (CBUAE) positions Tarabut at the forefront of Open Finance in the region.
[1] - https://www.tarabut.io/ [2] - https://www.arabnews.com/node/1831341/business-economy [3] - https://www.arabnews.com/node/1831341/business-economy [4] - https://www.arabnews.com/node/1831341/business-economy [5] - https://www.arabnews.com/node/1831341/business-economy [6] - https://www.tarabut.io/blog/tarabut-selected-to-drive-open-banking-in-the-uae/ [7] - https://www.tarabut.io/blog/tarabut-selected-to-drive-open-banking-in-the-uae/
- Tarabut's role as the first company licensed under Open Finance frameworks in the UAE, Saudi Arabia, and Bahrain positions them as a pioneer in providing infrastructure for banks, lenders, insurers, and digital platforms to access and utilize customer-permissioned financial data.
- One transformative use case enabled by Tarabut's platform is the provision of credit cards for customers with limited or thin credit histories, addressing the underserved market segment often excluded from traditional credit systems.
- American Express Saudi Arabia has collaborated with Tarabut to expand access to credit, leveraging Tarabut's technology for real-time connectivity to all major banks in Saudi Arabia and Bahrain.
- The AI-driven financial insights provided by Tarabut personalize financial product offerings directly embedded into digital platforms, improving customer experience and financial well-being.
- Tarabut's infrastructure, aligned with national economic goals, supports entrepreneurship, reduces credit barriers, and improves financial health for individuals and businesses, as demonstrated by their partnership with the Central Bank of the UAE to realize the national vision for Open Finance.
