Tarabut Gateway, a leading open banking platform, has joined forces with global digital payment leader Visa in a strategic partnership aimed at promoting open banking across the MENA region. The collaboration will involve the introduction of innovative products and solutions to leverage data-driven offerings, such as credit risk assessments, advanced analytics and insights. The partnership will later expand to encompass cross-border payments and lending solutions.
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This strategic collaboration comes after Tarabut Gateway recently raised $32 million in funding, with Visa participating as an investor. The investment marked Visa’s first venture into the MENA open banking sector. The existing close relationship between the two companies paved the way for this partnership.
Abdulla Almoayed, Founder and CEO of Tarabut Gateway, expressed excitement about the partnership with Visa, highlighting the progress of open banking in the Middle East and their commitment to leading the sector and supporting the ecosystem. Almoayed emphasized that the collaboration with Visa would leverage their data infrastructure to bring new and improved products to customers. The strategic alignment between the two companies is expected to strengthen the partnership and foster innovation in the MENA financial sector.
