Bahrain-based fintech startup Tarabut Gateway has forayed into the UAE market by launching its open banking platform in the country.

Moreover, Tarabut has opened two new offices ‘Hub71’ and ‘DIFC FinTech Hive’, in Abu Dhabi and Dubai, respectively.

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The company claims that it is the first regulated open banking platform in the Middle East and Africa (MENA) region.

It allows fintech and other financial services providers to access customers’ financial data – with their consent – via its open banking APIs.

This enables companies to improve their digital offerings.

Tarabut Gateway currently has retail banking partners across Bahrain, Kuwait, Lebanon, the UK, India, and now the UAE.

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The startup offers three products: account aggregation, payment initiation, and infrastructure access.

According to the information available on the website, it seems that Payment Initiation and Infrastructure Access are still in the works while Account Aggregation is already being used by some clients.

Commenting on the UAE expansion, Tarabut Gateway founder and CEO Abdulla Almoayed said: “Our aim is to drive the next 50 years of banking technology and financial services in the UAE, in collaboration, rather than in competition with, existing institutions.

“By working hand-in-hand with government authorities, banks and fintech entrepreneurs, open banking can propel the country towards its UAE Centennial 2071 goal of becoming a more diversified and knowledge-based economy, helping the UAE tap into the open banking industry which is set to reach a global market size of $43bn over the next five years.”