• Partnership will allow Rain customers in Bahrain to quickly and easily top-up their crypto wallets via bank transfer through the Rain app

Dubai, United Arab Emirates: Tarabut Gateway, the largest open banking platform in the MENA region, announces its new partnership with Rain, the first regulated crypto assets trading platform in the region.

The partnership is the company’s first collaboration with a crypto asset service provider. It will bring about faster, cost-effective fiat-to-crypto transactions to Bahrain end-users and enable funding payments directly from user bank accounts without the need to leave Rain’s platform.

The new feature will utilise Tarabut Gateway’s open banking payment solutions to facilitate on and off-ramp (fiat-crypto-fiat) transfers for users, dramatically increasing speed and reducing errors associated with traditional bank wire transfers. The introduction of this new feature is in line with Rain’s strategy to provide the most premium and seamless crypto wallet experience for its MENA users. 

Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said:

“We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective – as well as enable such funding methods directly from bank accounts. Our partnership with Rain is a perfect cross-sector synergy, made possible by Bahrain’s advanced open banking ecosystem. Crypto trading, wallets, and other blockchain use cases are natural allies in opening up traditional banking and finance. We are proud to partner with Rain to provide a user-focused approach to crypto services by bringing the advantages of open banking digital solutions.”

Joseph Dallago, Chief Executive Officer of Rain, added:

“Our partnership with Tarabut Gateway unlocks a new era for crypto assets adoption in the region. Through quick and efficient deposit mechanisms, crypto traders on Rain’s platform will now be able to seamlessly fund their accounts and capitalize on market movements. The integration with Tarabut Gateway cements Rain’s premium product offering in the region.”

With Rain, Tarabut Gateway has added another dedicated partner to its fintech client base, further strengthening the company’s vital role in MENA’s open banking ecosystem. Tarabut Gateway provides the connectivity for data and payments to flow between banks and fintechs offering financial services to end users – for a better consumer experience.

Through its subsidiary, Rain Management WLL, a licensed crypto assets broker and custodian by the Central Bank of Bahrain (“CBB”), Rain seeks to offer its users a safe and secure space to buy, sell and store crypto assets. The company also provides regular educational opportunities for those interested in learning more about crypto assets.

MENA’s crypto sector is growing at a breakneck pace. According to Chainalysis, the MENA region is the world's fastest-growing cryptocurrency market, with the volume of crypto received in the region jumping 48% in the year to June 2022.

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Further information
Thoburns
Tristan Schumann

tg@thoburns.com

About Tarabut Gateway

Tarabut Gateway is the MENA region’s first and largest regulated open banking platform. Tarabut Gateway is revolutionising the financial services sector by reducing barriers to entry and providing enabling infrastructure for data and payments to flow freely across the entire MENA region. Tarabut Gateway’s infrastructure enables ecosystem players to focus on building the next generation of financial products & experiences.

With offices across Bahrain, UAE, and KSA, Tarabut Gateway went live with its API infrastructure in December 2019, and is already the dedicated technology partner for leading banks in the region. 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 open banking platform to secure AIS (account information services) and PIS (payment initiation services) Category 4 licences from the Dubai Financial Services Authority (DFSA) and has recently been selected as the technology partner of choice for Dubai International Financial Centre’s Open Finance Lab Program.

In July 2022 and as part of its expansion in KSA, Tarabut Gateway partnered with four leading KSA banks. In November 2022, it became one of the first fintechs to receive the permit to test in SAMA’s regulatory sandbox.

For more information visit: www.tarabutgateway.com

About Rain

Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. Rain Financial Inc.’s subsidiary, Rain Management W.L.L, based in Bahrain, became the first licensed crypto-asset service provider in the Middle East in 2019 by the Central Bank of Bahrain.

The platform serves as a safe space to buy, sell and store approved crypto assets at competitive pricing and fees. Rain continues to evolve as a company and develop the technology to optimize the user experience. Rain’s mission is to bring forward a trusted platform to all current and future customers in the crypto assets space. To learn more about Rain, visit www.rain.com, or download the app via the Google Play Store or Apple App Store