The open-banking platform, Tarabut Gateway announced yesterday that the Dubai Financial Services Authority (DFSA) has granted a license to the fintech company to provide money services in and from Dubai International Financial Center (DIFC).
To enhance its presence in the region, Tarabut Gateway has established its regional head office in DIFC. According to the fintech firm, it has become the first player in the sector to be licensed to carry out account information services (AIS) and payment initiation services (PIS) activities.
Tarabut Gateway is planning to boost innovation in the fintech sector and accelerate the growth of UAE’s financial ecosystem. Abdulla Almoayed, the Founder and CEO of Tarabut Gateway, expressed his happiness on receiving the license from DFSA.
“It is an honor for us to be granted the first license for AIS and PIS in DIFC by DFSA and one that we take with a great degree of responsibility. There is a huge potential for Open Banking across the UAE and the region, and it is the commitment from regulators and authorities that helps companies like ours take those initial steps. We are grateful to DFSA for granting us this regulatory license, and we look forward to working in close collaboration with DIFC to drive innovation in financial services,” Almoayed said.
UAE’s Fintech Ecosystem
The United Arab Emirates is one of the fastest-growing fintech markets in the world. In addition, established financial firms are exploring innovative technologies to reach a broader market. Earlier this year, UAE’s Mashreq Bank launched NEOPAY to transform its existing payments business.
“We are pleased to welcome Tarabut Gateway, MENA’s first and largest regulated Open Banking platform, to DIFC. Attracting leading FinTech companies, such as Tarabut Gateway, is in line with our strategy to create a global innovation ecosystem in Dubai that can contribute to shaping and developing the Future of Finance,” Salmaan Jaffery, the Chief Business Development Officer at DIFC, commented.
