Tarabut, a MENA-based open banking platform, has opened its regional headquarters in Riyadh to enhance technology infrastructure for open banking in Saudi Arabia. The headquarters will focus on product development for the Saudi market and strengthen client engagement, with key partnerships already established in the financial sector.

The opening ceremony was attended by representatives from partnering financial institutions like SNB, SAB, Alinma, Bank Aljazira, and GIB, alongside Tarabut’s board and executive team. Tarabut aims to improve open banking solutions by addressing financing, credit assessment, and customer service challenges, supporting the Kingdom’s fintech transformation.

Founder and CEO Abdulla Almoayed expressed long-term commitment to the Kingdom, thanking the Saudi Central Bank, partners, and local talent. Tarabut recently received in-principle approval from the Central Bank of the UAE. The platform’s technology enables secure sharing of customer-approved financial data among regulated entities, enhancing the financial services ecosystem.

Tarabut introduced credit card options for individuals with limited credit history and revenue-based financing for SMEs. The company’s tools streamline underwriting processes, reducing associated costs. The new headquarters in Riyadh signifies a commitment to growth, innovation, and support for the Kingdom’s open banking rollout and fintech transformation.

Read more at Yahoo Finance: Fintech firm Tarabut opens new regional headquarters in Riyadh