Tarabut has received in-principle approval from the Central Bank of the UAE (CBUAE) to operate under the country’s Open Finance regulatory framework, marking a significant milestone for the MENA-based fintech. This latest regulatory nod follows earlier licences in Bahrain and Saudi Arabia, making Tarabut the first regional fintech licensed across all three major Gulf economies.
Pioneering Open Finance Infrastructure in the Gulf
With this approval, Tarabut strengthens its position as a regional leader in open finance, enabling real-time, secure connections to major banks in the UAE. The company’s platform supports the digital transformation of financial services by offering infrastructure that enables data-driven, embedded finance solutions.
Open finance, based on secure, customer-consented access to financial data, allows accredited third parties to develop innovative applications and services. These innovations are designed to give individuals and businesses better control over their finances, from personalised credit offerings to embedded SME financing tools.
“Ultimately, this system can offer customers greater choice in their financial services, and provide better service value,” stated the Central Bank of the UAE on its website.
A recent report by MarkNtel Advisors projects the global open banking market to grow from US$31.54 billion in 2024 to US$136.13 billion by 2030, expanding at a CAGR of 27.6 percent. This surge is attributed to the banking sector’s ongoing digital evolution, with traditional and digital banks embracing transformation to stay competitive.
Enabling Inclusive, Data-Driven Financial Services
Tarabut’s technology allows regulated financial institutions, digital platforms, lenders, and insurers to use permissioned financial data to make faster, more accurate credit decisions and offer personalised services. These features are embedded directly into partner platforms, enabling smarter and more accessible financial tools at scale.
Across the Gulf, the company’s solutions have powered several transformative use cases. These include issuing credit cards to thin-file customers, providing revenue-based financing for SMEs, and offering AI-driven insights for personalised financial journeys. Such applications are helping reduce underwriting costs, broaden credit access, and support business growth.
Abdulla Almoayed, Founder and CEO of Tarabut, stated: “This is a pivotal step forward for financial inclusion in the UAE and across the region. We’re proud to partner with the Central Bank of the UAE to help realise the national vision for Open Finance. Tarabut’s infrastructure delivers real-time, data-driven products – credit cards for the underserved, embedded SME financing, and more, driving real economic value and enabling access where it’s needed most.”
Regional Vision and Economic Impact
With three national licences secured, Tarabut is actively shaping the region’s open finance ecosystem. Its presence in Bahrain, Saudi Arabia, and now the UAE highlights the company’s role as a critical infrastructure enabler for financial innovation. By bridging institutions and end users through secure data access, Tarabut is aligning closely with national visions for financial inclusion and digital transformation.
As open finance frameworks continue to expand across the Gulf, Tarabut’s scalable infrastructure positions it to remain a leading force in powering inclusive growth and enabling smart financial ecosystems across MENA.
