Tarabut partners with Rain to improve crypto payments in MENA
UAE-based Tarabut Gateway has partnered with crypto asset trading platform Rain to improve crypto payments in the MENA region.
Through this partnership, Tarabut Gateway customers in Bahrain will benefit from faster, cost-effective fiat-to-crypto transactions and will be able to top up their crypto wallets via bank transfer through the Rain app. Tarabut Gateway’s Open Banking payment solutions will support on-ramp and off-ramp (fiat-crypto-fiat) transfers for users thereby ensuring more speed and fewer errors compared to traditional bank transfers.
The partnership is in line with Rain’s endeavors to ensure a premium and seamless crypto wallet experience for its MENA users. In the company’s press release, Rain officials talked about their partnership with Tarabut Gateway and how it can increase the use of crypto assets in the MENA region. They also emphasized how fast and efficient deposit mechanisms can allow crypto traders on Rain’s platform to fund their accounts and capitalize on market movements in a seamless manner.
By partnering with Rain, Tarabut Gateway has strengthened its position in MENA’s open banking ecosystem. In April 2022, Tarabut Gateway has been granted a license by the Dubai Financial Services Authority (DFSA) to provide money services in and from the Dubai International Financial Center (DIFC).
The DFSA is the independent financial services regulator in the DIFC, a global financial center in the Middle East, Africa and South Asia (MEASA). This license marked the first time the DFSA has authorized a firm to provide Account Information Services (AIS) and Payment Initiation Services (PIS) activities. By obtaining this license, Tarabut Gateway further enhanced its position in the UAE and was better positioned to increase innovation in the sector, set new industry standards and support the financial ecosystem.
Tarabut Gateway’s banking partnership in KSA
In May 2022, Tarabut Gateway announced four new key banking partnerships in KSA. As part of its expansion in Saudi Arabia and development in Open Banking, Tarabut Gateway revealed that it has been selected by some of the banks in KSA as a partner. These banks were Riyad Bank, Saudi British Bank (SABB), Alinma Bank and Banque Saudi Fransi (BSF).
Tarabut Gateway works closely with banks and other institutions to build the ecosystem infrastructure in the region. Using the company’s platform-agnostic solutions, traditional financial institutions and fintechs can connect and build their own apps on top of Tarabut Gateway’s platform. This allows them to offer payment services and digital wallets, as well as a unified developer portal.
The company also works closely with regulators to provide the connectivity for data flow between banks and fintechs, supporting the creation of an ecosystem, sector growth and ultimately a better consumer experience.
