MANAMA: Tarabut Gateway, a Bahraini home-grown fintech firm, has become the first to graduate from the regulatory sandbox.
The subsidiary of Almoayed Technologies is the first company to receive the Central Bank of Bahrain (CBB)’s in-principle confirmation under the Open Banking regulatory framework.
The announcement was made by CBB Governor Rasheed Al Maraj during a ceremony held at the Bahrain Fintech Bay with participants including Economic Development Board (EDB) chief executive Khalid Al Rumaihi.
Mr Al Maraj said, “Open Banking will create opportunities for building synergies between financial institutions and fintech firms, thereby, delivering a more competitive and efficient financial services sector in Bahrain.
“We look forward to more successful completions of the regulatory sandbox stage by other companies.”
EDB chief executive Khalid Al Rumaihi said, “This success highlights the CBB’s continuous efforts to update and develop the fintech ecosystem and enable industry players to create innovative and forward-looking products while maintaining the overall safety and soundness of the financial system.”
Almoayed Technologies chief executive Abdulla Almoayed said Tarabut has developed a technology-based innovative open banking solution that provides connectivity to Bahraini banks to assist their customers in accessing account information across different banks on a single platform.
“Throughout the sandbox period, we have successfully integrated more than 11 banks in Bahrain preparing them for the new Open Banking regulation,” he said.
avinash@gdn.com.bh
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