Tarabut Gateway, MENA’s open banking platform, announces a strategic partnership with Qarar, the region’s credit analytics technology provider and technology arm of SIMAH, the first and largest credit bureau in the Kingdom of Saudi Arabia.
This strategic partnership is set to enhance the financial landscape and “pave the way for faster and more reliable lending – by leveraging Tarabut Gateway’s open banking solutions and Qarar’s expertise in credit scoring and decision automation.”
Through this collaboration, financial institutions can “offer tailored lending products – catering to the needs of MENA’s population.” By addressing challenges faced by individuals and businesses in accessing credit and up-to-date financial information, the collaboration “will enable faster and more accurate credit decisions.”
The partnership will also “drive financial inclusion, contributing to the region’s economic growth and development – highlighting both companies’ dedication to innovation and their commitment to creating a more accessible, efficient, and inclusive financial ecosystem in the Middle East.”
Qarar claims it is “a leading advanced analytics and decision automation company in the Middle East, focusing on providing credit scoring, risk advisory, and decisioning solutions.”
With its expertise in predictive modelling and advanced technology, Qarar empowers financial institutions “to make informed lending decisions, manage risk effectively, and accelerate business growth.”
Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said:
“We are thrilled to partner with Qarar, a leader in credit analytics and decision technology. Together, we will leverage our expertise, technology and the power of open banking to help financial institutions offer personalised lending solutions and drive financial inclusion in the MENA region.”
Zaid Kamhawi, CEO of Qarar, commented:
“This partnership with Tarabut Gateway marks a significant milestone for Qarar in our mission to empower financial institutions with advanced decision technology. We are excited to collaborate with Tarabut Gateway and further enhance the use of open banking data to inform and automate credit decisions that will help financial institutions better serve their customers and contribute to the growth of the region’s economy.”
As noted in the update, Tarabut Gateway “provides platform-agnostic solutions for banks and fintechs to build apps, and its user-friendly APIs enable various services such as lending, personal finance, and payments.”
The company is “building an open banking infrastructure across Saudi Arabia, the UAE, and Bahrain, with plans for further MENA expansion.”
