Tarabut Gateway has reportedly been granted a license by Dubai Financial Services Authority (DFSA) to offer money services in and from Dubai International Financial Centre (DIFC).
DFSA is the independent regulator of financial services in DIFC, which claims to be “the leading global financial center” in the region.
This license reportedly marks “the first time the DFSA has authorized a firm to provide account information services (AIS) and payment initiation services (PIS) activities.”
By obtaining this license, Tarabut Gateway “further cements its position in the UAE and plans to boost innovation in the sector, set new industry standards, and support the financial ecosystem”
Abdulla Almoayed, Founder and CEO of Tarabut Gateway said:
“It is an honor for us to be granted the first license for AIS and PIS in DIFC by DFSA and one that we take with a great degree of responsibility. 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. We are grateful to DFSA for granting us this regulatory license and we look forward to working in close collaboration with DIFC to drive innovation in financial services.”
Salmaan Jaffery, Chief Business Development Officer at DIFC, remarked:
“We are pleased to welcome Tarabut Gateway, MENA’s first and largest regulated Open Banking platform, to DIFC. Attracting leading FinTech companies, such as Tarabut Gateway, 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. Open Banking enables more choice and efficiency for customers as well as more product innovation for financial institutions.”
As mentioned in an update shared with CI, the license that has been “granted by DFSA allows the provision of arranging money services as well as AIS and PIS.”
As noted in the announcement, Tarabut Gateway claims to be “a leading FinTech pioneer, operating across the MENA region, and backed by regional and international investors.”
It has partnerships “with multiple banks, financial institutions and FinTech companies across the region.”
Tarabut Gateway is “the MENA region’s first and largest regulated Open Banking platform that connects a regional network of banks and Finechs via a universal application programming interface (API).”
By offering tools that allow the facilitation and distribution of personalised financial services, Tarabut Gateway “enables financial institutions to build a new world of financial services in MENA.”
With offices across Bahrain and the UAE, Tarabut Gateway went live with its API infrastructure in December 2019 and “is already a dedicated technology partner for the leading banks in Bahrain.”
In October 2020, Tarabut Gateway “expanded its presence in MENA, establishing offices in Abu Dhabi and Dubai.”
In April 2022, Tarabut Gateway “became the first firm to become licensed to provide account information services (AIS) and payment initiation services (PIS) activities by the Dubai Financial Services Authority (DFSA).”