The FinTech Hive at DIFC... Tarabut Gateway has a second office in the UAE, at Abu Dhabi's Hub71. Image Credit: Gulf News Archive

Dubai: Tarabut Gateway, the operator of an 'open banking' platform, has launched operations in the UAE, with offices at Hub71 in Abu Dhabi and DIFC's Fintech Hive. Tarabut Gateway already has offices in Bahrain and the UK.

Open banking relates to the sharing of financial information electronically - and with the consent of the customer. Through an Open Banking API (application programming interface), it allows third-party financial services providers to access financial data and develop new apps and services.

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Abdulla Almoayed, CEO, said in a statement: “Open banking is an essential part of global transformation and it is no longer a case of when is the right time, because that opportunity is right now." The company is currently hiring for its local offices.

"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," the CEO added. The global market for open banking services could reach $43 billion over the next five years.

It provides customers with a better experience and products that suit their needs. Tarabut Gateway offers a proven regional model and is already a trusted Open Banking partner connected to 17 retail banks, having successfully built the largest multi-sided open API infrastructure that launched in 2019. Through its secure and universal open API platform, Tarabut Gateway creates opportunities and fosters collaboration between financial institutions and fintechs.