MENA’s Open Banking Fintech Tarabut Partners with Payments Firm Geidea

Tarabut, an open banking platform operating in the MENA region, and Geidea, Saudi Arabia’s payments solutions provider, have entered a strategic partnership to explore and develop SME financing solutions, subject to regulatory approvals.

SMEs represent 1.3 million businesses in Saudi Arabia, and they face a financing “gap of over SAR 300 billion.”

Tarabut and Geidea aim to develop solutions that may create efficient and accessible financing opportunities that empower SMEs – including those “underserved by traditional financial services – across the Kingdom of Saudi Arabia to thrive.”

Geidea KSA CEO Mr. Ziyad Alessa said that this strategic partnership with Tarabut aims to transform financing into “a frictionless and always-available resource.”

With over 75% of Saudi Arabia’s point-of-sale (POS) market share, Geidea processes millions of transactions daily for “a wide range of businesses, from local outlets to international brands.”

By leveraging Tarabut’s decisioning and orchestration technology stack and impressive network of bank partnerships, the collaboration aims to “redefine digital lending and explore flexible financing solutions that could dismantle traditional barriers such as lengthy approval processes or complex credit checks, while ensuring a secure and efficient process.”

This partnership also closely aligns with Tarabut’s vision of making financial services better, faster, more “accessible and more affordable while directly contributing to the Kingdom’s Vision 2030 goals of economic diversification and SME empowerment.”

Abdulla Almoayed, Tarabut Founder and CEO commented that they are committed to exploring and developing solutions “that tackle the challenges SMEs face in accessing financing.” He added that their goal is to make this process “simpler, more secure and more accessible through our technology and the partnerships they have built with banks across the Kingdom.”

Tarabut and Geidea are committed to driving economic growth, supporting financial inclusion, and co-creating a future where “advanced technology meets the real needs of SMEs.”

Tarabut and Geidea aim to deliver financing solutions that accelerate access to capital.

This MOU reflects Tarabut and Geidea’s shared vision to push boundaries, embrace technology and explore new avenues for SME financing within the framework provided by the Kingdom’s Central Bank and regulator, SAMA.

Tarabut is the MENA region’s regulated open banking platform, connecting a regional network of banks and fintechs through universal APIs.

With offices in Bahrain, Saudi Arabia, UAE and the UK, Tarabut launched its API infrastructure in Dec 2019.

Tarabut reportedly became the first open banking platform to secure AIS (account information services) and PIS (payment initiation services) Category 4 licenses from the Dubai Financial Services Authority (DFSA).



Sponsored Links by DQ Promote

 

 

Send this to a friend