You may have heard of Open Banking before or come across the term in confusion, maybe you already know what it is and how it’s shifting the landscape of banking in the Middle East. What you’re going to learn about is the leading Open Banking platform in the region, Tarabut, and its innovative founder, Abdulla Almoayed. With a background steeped in finance and entrepreneurship, he gears towards providing an inclusive and seamless banking experience for all—banks and customers.
Seeing the transformative potential of Open Banking, Abdulla Almoayed is on a mission to unravel the complexities within the Middle East’s financial services sector. His journey started with a simple realization; the region’s financial infrastructure held untapped possibilities for innovation. So, Abdulla’s vision for Tarabut crystallized quite quickly, a result of a solution that promotes accessibility, efficiency, and empowerment. Ultimately addressing some of the most pressing challenges that face the sector as a whole.
“At Tarabut, we see Open Banking as more than just a toolkit. It’s a solution to enable financial inclusion for all,” he explained, “Our mission is clear: to enable secure, seamless, and affordable financial services accessible to everyone. Personal finance is one of the consistent, biggest causes of anxiety in the region, and most don’t have access to intuitive tools and services that can help them manage it. We want to change that.“
Through Open Banking principles, Tarabut is redefining traditional banking paradigms. Much like health wearables revolutionized personal wellness by tracking habits for more meaningful impact, Tarabut is aiming to unlock critical data to empower banks and fintechs to offer tailored solutions, streamlining processes and enhancing user experiences. Abdulla envisions a future where financial advice is not a privilege but a fundamental, easily accessible, to everyone.
Reflecting on the benefits of Open Banking, Almoayed emphasized three key benefits of Open Banking: digital payments, streamlined approvals, and improved financial planning. “With Open Banking, we allow for instantaneous settlement of payments between institutions and individual account holders. This is crucial because it brings the flexibility and speed of online payments, while providing vendors the important functionality and security of the funds appearing in their account almost instantly.”
He added, “Open Banking can remove a significant administrative burden for applicants and institutions in the approvals of loan or credit. For instance, Tarabut’s collaboration with FLOOSS has reduced loan approvals from a two-week process to a matter of minutes!”
And what about financial planning? Worry not, Abdulla went on to further explain that Open Banking empowers consumers to take control of their data, alleviating the anxiety often associated with inability to make decisions relating to personal finance with services and solutions that contribute to their overall financial health.
However, navigating the path towards Open Banking hasn’t been without its challenges. Abdullah mentioned the importance of collaborative efforts across the financial ecosystem, highlighting education and awareness as key pillars of progress. Together with regulators and industry partners, Tarabut aims to demystify Open Banking, championing its transformative potential for communities and economies alike.
As Tarabut embarks on its next chapter with eyes set on expansion across the GCC, from where it started in Bahrain and now to Saudi Arabia, Abdullah foresees strengthened partnerships with local fintechs and banks, amplifying access to enhanced financial services across the Kingdom.
Abdullah enthusiastically shared, “As a proud Bahraini, I am excited to play my part in the potential for delivering a positive impact for Bahraini consumers. Tarabut is a testament to the potential of Bahraini entrepreneurship that can build market growth and deliver regional as well as global impact.”
Stay tuned for Tarabut’s upcoming announcements as they prove to be further catalysts for change, and keep bridging the gap between aspiration and accessibility in the banking industry. Let us know what you think, get in touch with us on our social media platforms through Instagram and LinkedIn. We’d love to hear from you!
