Tarabut, a leading open banking platform in the MENA region, has achieved a significant milestone by securing the first-ever open finance license from the Central Bank of the UAE (CBUAE). This landmark approval positions the company at the forefront of the nation’s rapidly evolving financial technology landscape and officially greenlights its operations in the country.
A Milestone for UAE’s Financial Sector
The approval officially authorises Tarabut to operate as a Third-Party Provider (TPP) within the UAE. This dual capability allows the platform to offer both Account Information Services (AIS), which enable access to customer financial data with their consent, and Payment Initiation Services (PIS), which facilitate direct bank-to-bank payments. This move is a critical step in operationalising the UAE’s vision for a more interconnected and innovative financial ecosystem.
The Regulatory Green Light
This license is granted under the CBUAE’s new Open Finance Regulation, a comprehensive framework designed to foster competition, enhance financial inclusion, and provide consumers with greater control over their financial data. By being the first to receive this approval, Tarabut has demonstrated its commitment to regulatory compliance and its deep collaboration with UAE authorities to build a secure and robust open finance environment.
Unlocking New Financial Services
Through its proprietary technology, Tarabut will empower financial institutions and fintech startups to develop a new generation of products and services. By securely accessing consented consumer data, partners can create personalized financial management tools, streamline lending processes, offer tailored investment advice, and simplify digital payments. This is expected to drive significant innovation and improve the overall customer experience across the UAE’s financial sector.
About Tarabut
Founded in Bahrain and now with a significant presence across the UAE and Saudi Arabia, Tarabut is the MENA region’s leading regulated open banking platform. The company connects a regional network of banks and fintechs via a universal API, enabling the secure and efficient transmission of financial data to facilitate the next wave of financial services innovation.
Looking Ahead
Tarabut’s approval is more than just a company milestone; it signals the official launch of the UAE’s open finance era. This development is expected to accelerate the digital transformation of the country’s banking sector and solidify its position as a leading fintech hub in the Middle East. As more players enter the ecosystem, the collaboration between traditional banks and agile fintechs will likely intensify, leading to a more competitive and consumer-centric financial market. Abdulla Almoayed, CEO of Tarabut, described the achievement as a testament to the “visionary leadership of the UAE” and a catalyst for innovation across the region.
