Tarabut, an open banking platform in the MENA region, receives in-principle approval from the Central Bank of the UAE under the new Open Finance regulation. It is the first fintech company in the region with licenses in Bahrain, Saudi Arabia, and the UAE, allowing for real-time financial data usage. The platform aims to enhance financial accessibility.

Tarabut’s technology enables regulated institutions to use customer-permissioned financial data for credit assessments and tailored financial offerings. It also provides credit cards for individuals with limited credit histories, revenue-based financing for SMEs, and AI-based insights for custom user experiences. These initiatives support financial inclusion and entrepreneurship, aligning with national economic goals.

Founder and CEO Abdulla Almoayed sees the approval as a pivotal step for financial inclusion in the UAE and the region. Tarabut’s infrastructure offers data-driven products like credit cards for the underserved and embedded SME financing, creating real economic value. The platform’s partnership with the Central Bank of the UAE aims to drive access where it’s most needed.

Read more at Yahoo Finance: Open bankingplatform Tarabut gets in-principle nod from UAE central bank