Saudi Press

Saudi Arabia and the world
Friday, Aug 22, 2025

Tarabut Gateway to break through Saudi fintech space as open banking launches

Tarabut Gateway to break through Saudi fintech space as open banking launches

Dubai-based fintech company Tarabut Gateway is strengthening its presence in Saudi Arabia with partnerships and operations to support open banking.

The Kingdom’s fintech sector is about to witness a huge opportunity, with open banking launching in the first quarter of 2023.

Open banking enables third-party developers to link applications and services to financial institutions by creating data transparency.

The company has been the leading business-to-business regional infrastructure provider for open banking with operations in the UAE, Bahrain and the Kingdom.

In an exclusive interview with Arab News, Abdulla Al-Moayed, CEO and founder of Tarabut Gateway, said that the company has already established multiple partnerships with fintech companies and banks in the Kingdom with plans to establish its local headquarters by March 2023.

“We will be building an entire country-specific operation in Saudi Arabia catering to that specific market. We are absolutely excited about the size of the market and the opportunity that it presents for which we will be setting operations to be able to entertain that market,” Al-Moayed said.

From Al-Moayed’s point of view, open banking is about the customer, as it allows individuals to have complete control over their financial data by granting or revoking access to that data.

“In the case of Saudi Arabia, we do everything from supporting the banks to preparing themselves for this new phenomenon of open banking by helping banks build the required infrastructure to be able to entertain and interact with these new licensed third parties,” he added.

Al-Moayed further explained that the Saudi Central Bank, also known as SAMA, has provided licensing to more than a dozen fintech companies, and more than 80 companies are registered in SAMA’s regulatory sandbox.


“In the case of Saudi Arabia, we do everything from supporting the banks to preparing themselves for this new phenomenon of open banking,” said Abdulla Al-Moayed, CEO and founder of Tarabut Gateway.

Aligned with Vision 2030, SAMA is keen to bolster the financial technology sector by increasing the number of fintech companies in the Kingdom and providing the proper infrastructure for open banking.

SAMA also enrolled Tarabut Gateway in the sandbox at the beginning of the year, where it started testing its open banking platform with banks and fintech.

“Our focus is to support and ensure that open banking becomes a success at the national level. More importantly, we are committed to supporting Saudi Arabia to succeed in open banking. And that is why we’re working the entire ecosystem, be it the fintech, banks or the regulator,” Al-Moayed explained.

The company is already in partnership with several large banks in the Kingdom, including Riyadh Bank, Saudi British Bank, Banque Saudi Fransi and Alinma Bank.

Al-Moayed announced that the company is working with several licensed fintech companies in the Kingdom, such as Malaa, Drahim and Tamam.

He also explained that the Kingdom would become an open banking blueprint for other countries to follow suit thanks to its well-governed operations to support fintech companies and banks.

The founder stated that the Kingdom’s central bank had put forth the appropriate supervision and environment for startups to mature and move into production.

Tarabut Gateway has raised $25 million in investments and has already started hiring a team for its local headquarters in the Kingdom.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×