Tarabut Gateway, a Bahrain-based open banking platform, has been granted a licence to provide payment services to and from the Dubai International Finance Centre (DIFC).
The licence award by the Dubai Financial Services Authority (DFSA) makes Tarabut one of the first firms to be approved for open banking services in the UAE.
According to Tarabut, it is the first time that the DFSA has authorised a company to provide account information services and payment initiation services activities.
“There is a huge potential for open banking across the UAE and the region, and it is the commitment from regulators and authorities that helps companies like ours take those initial steps,” said Abdulla Almoayed, founder and chief executive of Tarabut Gateway.
“We look forward to working in close collaboration with DIFC to drive innovation in financial services,” he added.
Open banking has come a little late to the Mena market, not helped by the disruption of the Covid 19 pandemic, but is beginning to gain momentum. Abu Dhabi Global Markets published a framework for open banking in April last year.
Menawhile the DIFC has welcomed the addition of Tarabut and is now looking to attract more open banking paltforms and API providers.
“Attracting leading FinTech companies is in line with our strategy to create a global innovation ecosystem in Dubai that can contribute to shaping and developing the future of finance,” said Alamann Jaffery, chief business devleopment officer at the DIFC.