The Banking Executive Magazine - May Issue

Tarabut Gateway Tarabut Gateway joins Saudi Qarar TO REVOLUTIONISE FINANCIAL LANDSCAPE IN MIDDLE EAST The region’s open banking platform Tarabut Gateway entered into a strategic partnership with Saudi Ara- bia-based Qarar, the technology arm of SIMAH, which is the first and largest credit bureau in the Kingdom. The two entities will work together to boost reliable, fast, and accessible lending for individuals and busi- nesses while revolutionising the fi- nancial landscape in the Middle East. The collaboration aims to pave the way for faster and more reliable lending by leveraging Tarabut Gate- way’s open banking solutions and Qarar’s expertise in credit scoring and decision automation, according to a press release. Saudi Arabia’s Qarar is a leading ad- vanced analytics and decision au- tomation company in the Middle East, with expertise in predictive modelling and advanced technology. Founder and CEO of Tarabut Gate- way, Abdulla Almoayed, said: "We are thrilled to partner with Qarar, a leader in credit analytics and deci- sion technology. Together, we will leverage our expertise, technology and the power of open banking to help financial institutions offer per- sonalised lending solutions and drive financial inclusion in the MENA re- gion." Meanwhile, the CEO of Qarar, Zaid Kamhawi, said: "This partnership with Tarabut Gateway marks a signif- icant milestone for Qarar in our mis- sion to empower financial institutions with advanced decision technology.” Kamhawi added: “We are excited to collaborate with Tarabut Gateway and further enhance the use of open banking data to inform and automate credit decisions that will help finan- cial institutions better serve their cus- tomers and contribute to the growth of the region's economy." It is worth noting that Tarabut Gate- way is currently building an open banking infrastructure across Saudi Arabia, the UAE, and Bahrain. It re- cently closed a $32 million Series A fundraise that was led by Pinnacle Capital, a leading alternative invest- ment company focusing on Saudi in- vestments. the BANKING EXECUTIVE 18 ISSUE 173 MAY 2023 Mr. Abdulla Almoayed Founder and CEO of Tarabut Gateway