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Dubai-based fintech Tarabut Gateway is working with four major Saudi banks as the kingdom approaches the launch of open banking.
The DIFC-based platform said it has been selected by Riyad Bank, Saudi British Bank (SABB), Alinma Bank and Banque Saudi Fransi (BSF) as part of its expansion into Saudi Arabia.
The Saudi Central Bank announced the launch of the country’s Open Banking framework, which is expected to go live this year.
Tarabut Gateway, an open banking platform, said fintechs can connect and build their own apps on top of the company’s own platform, offering payment services, digital wallets, in addition to a unified developer portal.
Open banking enables third-party financial service providers to open access to consumer banking, transaction and other financial data from banks and non-bank institutions through application programming interfaces (APIs).
It has a variety of potential purposes including helping financial institutions offer specific financial services tailored to a specific user’s needs more quickly.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
