Tarabut Gateway, the open banking platform for the Middle East and North Africa (MENA), has partnered with payment leader Visa to develop new products and solutions using open banking capabilities.
Initially, Tarabut Gateway and Visa will prioritise creating data-driven offerings including credit risk assessments, advanced analytics, and insights. Following the partnership, the companies also explained that they anticipate eventually targeting cross-border payments and lending solutions.
Through the partnership, the companies plan to enhance existing offerings through technology and expertise collaboration. They also plan to enhance customer experiences, streamline cross-border transactions, and foster innovation and cooperation across the financial ecosystem.
The announcement follows Tarabut Gateway’s recent US$32million fundraising round, in which Visa participated as an investor – marking their first venture into the MENA open banking sector – and also indicates the two companies’ financial and operational collaborations in the future.
Visa’s investment in Tarabut Gateway aligns with its open banking strategy to partner and invest in leading companies for the co-development of innovative products and solutions. Last year, Visa also acquired the European open banking platform Tink.
‘The key drivers of growth will be innovation and openness’
Abdulla Almoayed, founder and CEO of Tarabut Gateway
Abdulla Almoayed, founder and CEO of Tarabut Gateway, said: “We are excited to announce our strategic partnership with Visa, a world-class brand. Our existing close relationship, through Visa’s investment in Tarabut Gateway, has paved the way for this collaboration. The progress of open banking in the Middle East in recent years has been remarkable, and we are grateful for the opportunity to lead the sector and support the entire ecosystem.
“Together with Visa, we will leverage our data infrastructure to bring new and improved products to customers. As a visionary in the payments industry, Visa’s solutions will support innovation and collaboration across the MENA financial sector, and our strategic alignment will strengthen this partnership.”
Otto Williams, SVP and head of products, partnerships and digital solutions, CEMEA, at Visa
Otto Williams, senior vice president and head of product, partnerships, and digital solutions for Visa Central and Eastern Europe, Middle East, and Africa, also explained why the payments leader has partnered with the open banking platform: “Next-gen digital innovation is shaping the future of financial services, with open banking and data sharing serving as a significant driver to help consumers better manage and access their finances. As we look to the future of digital financial services, it is clear that the key drivers of growth will be innovation and openness.
“By partnering with Tarabut Gateway and integrating our global payments network with their open banking platform, we are poised to deliver innovative financial services that cater to the unique needs of the MENA region. Our shared commitment to next-generation solutions will enable us to transform the financial landscape and offer cutting-edge services to our customers.”
The post Tarabut Gateway Joins Forces With Visa to Enhance Open Banking Capabilities Across MENA appeared first on The Fintech Times.
