Tarabut , an Open Banking platform, has partnered with FLOOSS , a digital lending platform, to introduce fully digital loans to Bahrain by utilising Open Banking. According to the press release, the collaboration aims to streamline FLOOSS’s digital lending experience as well as reduce loan approval times by using Tarabut’s Income Verification product.

The loan approval process has been reduced to just minutes, marking a change from the prior two-week process. By leveraging Open Banking APIs, the newly launched product seeks to enable instant loan approvals, eliminating the previous, conventional, days-long approval process. The press release notes that FLOOSS approached Tarabut with the goal of providing its customers with a seamless lending journey.

This would include offering easier access, saving both money and time, enhancing security, and digitising a traditional manual journey. Tarabut reshaped the customer experience by providing direct access to customers' salary information, eliminating the requirement for manual submission of salary certificates during the application process. Bahrain's growing loan demand In Bahrain, the demand for personal loans has been steadily growing, with a significant increase of 11.9% in 2022, totalling USD 15.1 billion or 38.2% of the GDP.

Access to credit is crucial for consumers as it supports their financial goals, emergencies, and investments – playing an important role in their financial well-being. Tarabut’s Income Verification product enables FLOOSS to offer simplified and swift loan approvals, providing consumers with access to the funds they need, during the time in which they need it. Leveraging Open Banking technology, this partnership is intended to help institutions maximise their revenue, enrich customer experiences, and reduce operational costs.

About Tarabut Tarabut is a MENA-based regulated Open Banking platform, connecting a regional network of banks and fintechs through a universal API. By offering tools that facilitate and distribute personalised financial services, Tarabut enables financial institutions to build a new world of financial services in the MENA region. With offices in Bahrain, Saudi Arabia, and the UAE, Tarabut launched its API infrastructure in December 2019 and is a technology partner for banks in Bahrain.

In May 2023, Tarabut completed a USD 32 million Series A fundraising round. The investment was led by Pinnacle Capital, an alternative investment firm that focuses on KSA investments to provide alternative investment opportunities. The funding was set to help Tarabut Gateway expand its footprint in the Saudi Arabia market, attract new talent, and foster strategic partnerships within the Kingdom.

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