Tarabut Gateway , an Open Banking platform in the Middle East and North Africa (MENA), has announced a strategic partnership with Visa , the global digital payment provider. The collaboration aims to accelerate growth and redefine Open Banking in the MENA region by developing new products and solutions that leverage Open Banking capabilities.

The initial focus of the partnership will be on creating data-driven offerings, including credit risk assessments, advanced analytics, and insights. Additionally, the two companies plan to explore solutions related to cross-border payments and lending. Through their collaboration, Tarabut Gateway and Visa aim to improve customer experiences, streamline cross-border transactions, and foster innovation and cooperation within the financial ecosystem.

This partnership comes after Tarabut Gateway recently raised USD 32 million in funding, with Visa participating as an investor. Visa's investment in Tarabut Gateway marks its first venture into the MENA Open Banking sector, solidifying their commitment to financial and operational collaboration in the region. It aligns with Visa's Open Banking strategy of partnering and investing in well-performing companies to co-develop innovative products and solutions.

What do Tarabut Gateway and Visa think of the partnership? The founder and CEO of Tarabut Gateway expressed excitement about the strategic partnership, highlighting the progress of Open Banking in the Middle East and their commitment to leading the sector. Almoayed emphasised the opportunity to leverage Tarabut Gateway's data infrastructure in collaboration with Visa to deliver new and improved products to customers. According to the Senior Vice-President and Head of Product, Partnerships, and Digital Solutions for Visa Central and Eastern Europe, Middle East, and Africa, the importance of next-gen digital innovation in shaping the future of financial services.

Williams highlighted the role of Open Banking and data sharing in enabling consumers to better manage and access their finances. He expressed confidence in the partnership with Tarabut Gateway, stating that by integrating Visa's global payments network with their Open Banking platform, they can deliver innovative financial services tailored to the unique needs of the MENA region. Tarabut Gateway reportedly is the first and largest regulated Open Banking platform in the MENA region, providing platform-agnostic solutions for banks, merchants, and fintech companies.

The company's supposed user-friendly APIs enable various services such as lending, personal finance, and payments. They are building an Open Banking infrastructure across Saudi Arabia, the UAE, Bahrain, and have plans for further expansion in the MENA region. Visa facilitates billions of payment transactions annually across more than 200 countries and territories.

Their mission is to connect the world through the most innovative, convenient, reliable, and secure payments network. Visa believes that inclusive economies uplift everyone and considers access as foundational to the future of money movement, the official press release concluded. .