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Tarabut Gateway, the largest open banking platform in the Middle East and North Africa (Mena), has been selected by the Dubai International Financial Centre (DIFC) as the preferred technology platform partner for its new Open Finance Lab.
The Open Finance Lab will officially launch on June 28, 2022 at the DIFC Innovation Center on Gate Avenue in the city, with the aim of ultimately unlocking economic benefits, financial health and financial inclusion.
The participation of Tarabut Gateway is the latest milestone in the company’s leadership and support role at the heart of the open banking ecosystem in the region, and has been consistently supported by the Dubai Financial Services Authority (DFSA). This follows the recent announcement of Tarabut Gateway as the first regulated open banking platform licensed by the DFSA.
banking industry players
The lab also includes a curated list of banking industry players to explore and unlock growth opportunities in open finance. Participating banks include: Commercial Bank of Dubai, First Abu Dhabi Bank, Mashreq Bank, Ras Al-Khaimah National Bank and Zand, a digital bank in the final stages of obtaining a banking license from the UAE Central Bank.
Abdulla Almoyaed, CEO of Tarabut Gateway, said: “We are honoured to have been selected by DIFC as the preferred platform partner for the region’s first Open Finance Lab. The UAE is committed to shaping the future of the financial industry and establishing itself as a major global fintech hub , which is reflected in the support we receive from regulators such as the DFSA. We are committed to contributing to the nation’s vision and look forward to working with various ecosystem players to forge a new world of financial services.”
Education Forum
The lab will include a forum to educate and engage banks, regulators and fintech companies. It will also serve as a live testbed to demonstrate the positive impact Open Finance can have on businesses, customers and the wider economy through use cases, implementations and live demonstrations.
These events and stakeholder engagement will take place in December 2022, where use cases and implications will be demonstrated to government officials and participating bank executives.
Tarabut Gateway plays a vital role in building the infrastructure for an open financial ecosystem. Using the company’s platform-agnostic solution, traditional financial institutions and fintech companies can connect and build their applications on top of Tarabut Gateway’s platform, offering payment services, digital wallets and multiple other use cases, in addition to a unified and easy to operate application. Use the developer portal.
Data Connections
Tarabut Gateway works closely with regulators to connect data flows between banks and fintech companies, supporting the creation of a thriving ecosystem, industry growth, and ultimately a better consumer experience. — arab trade news agency
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