Inside Tarabut: December News & Highlights

A Year of Growth, Innovation, and Bold Steps ??

2024 has been an incredible year for Tarabut. From bold partnerships to cutting-edge products, we’ve worked hard to push boundaries in #OpenBanking and digital financial services across the MENA region and beyond. Here’s how we made an impact ??

?? Setting Global Standards in Bahrain

???? This year, we partnered with BENEFIT, Bahrain’s leading innovator, and FLOOSS, the country’s first digital financing service, to introduce centralised open banking authentication—a first for Bahrain, the region and beyond!

?? This innovation allows consumers to access financial services seamlessly, eliminating multiple authentication steps. FLOOSS became the first to leverage this technology, offering faster, secure loan approvals powered by BENEFIT’s centralised authenticator platform. Together, we’re setting global standards for secure and user-friendly #DigitalFinance.

?? Compliance That Unlocks Growth

Our compliance solutions were game-changing this year, helping banks move beyond meeting regulatory deadlines to creating future-ready solutions. Our offering delivered:

• Seamless API Integration: Tools that simplify securely exposing APIs—even with legacy systems.
• Data Security & Privacy: Robust frameworks that protect sensitive data and build trust across stakeholders.
• Regulatory Expertise: Tailored support to help banks stay ahead of evolving #OpenFinance standards.

These solutions aren’t just about compliance—they empower banks to deliver smarter, more intuitive services for tomorrow’s customers. ??

Our expertise in #OpenBanking compliance is reflected in the leading institutions we’ve supported across Bahrain and Saudi Arabia, with partnerships that showcase our ability to deliver real results and position us to grow further as new regulations take effect. ??

?? Collaborations That Empowered the Ecosystem

This year, we partnered with industry leaders to enhance the financial services ecosystem:

• BENEFIT: Centralised open banking authentication for seamless consumer experiences.
• FLOOSS: Faster loan approvals with our Income Verification product, pioneering Bahrain’s first open banking-enabled digital lending service.
• Geidea: Exploring tailored SME financing solutions in Saudi Arabia, addressing a SAR 300 billion financing gap.
• Tamkeen: Government #OpenBanking services, transforming access to digital-first solutions.
• Saudi National Bank: Enhanced open banking services aligned with regulatory frameworks.

Together, we empowered the financial services ecosystem, driving innovation and growth regionally. ??

?? Introducing ASSESS and PRE-CHECK

We expanded our product suite with two key innovations:

• Assess: Comprehensive financial assessments to help lenders make smarter decisions and deliver tailored financial products. Learn more here.
• Pre-check: Pre-qualification processes that enhance transparency and empower consumers with clearer financial choices. Learn more here.

These products are designed to break barriers to credit access and make financial services more inclusive. ??

?? Recognition for Driving Impact

Our efforts this year were recognised with prestigious awards:

• Account-to-Account Payment Processor of the Year – BRIT FinTech Awards
• Best Open Banking Solutions Provider – MEA Finance Awards
• Forbes Middle East FinTech 50 – Forbes Middle East

?? At the Heart of the Industry

Throughout all of this, we showcased our innovations at key regional fintech events, including LEAP, 24 FinTech, and FinTech Forward, connecting with stakeholders and sharing our vision for the future of finance.

?? Building for the Future

This year, we also grew our team across Bahrain, Saudi Arabia, the UAE, and the UK. Our Middle East intern cohorts inspired us with their energy and potential, and together, we built the partnerships, products, and infrastructure needed for the next chapter.

As 2024 comes to a close, we’re excited to build on these foundations in 2025. Together, we’ll continue driving innovation, creating impact, and shaping the future of financial services. Thank you for being part of our journey—here’s to an exciting year ahead! ??

?? What’s Next? We’d Love to Hear from You!

Which of these milestones resonated most with you? Share your thoughts below, or check out our website for more insights into how we’re shaping the future of #OpenBanking and digital finance.