Middle East and North Africa open banking platform, Tarabut Gateway, has agreed a strategic partnership with Visa.

The two companies will collaborate on developing new products and solutions using open banking capabilities. The initial focus will be on creating data-driven offerings. These include credit risk assessments, advanced analytics, and insights. Additional solutions anticipated will involve cross-border payments and lending.

The firms say that the partnership will elevate product offerings through technology and expertise collaboration. The aim is to enhance customer experiences, streamline cross-border transactions, and foster innovation and cooperation across the financial ecosystem.

Visa open banking strategy: partnership and investment in leading open banking platforms

The announcement follows Tarabut Gateway’s recent $32m fundraise, in which Visa participated as an investor. The deal marked Visa’s first venture into the MENA open banking sector.

Visa says that its investment in Tarabut Gateway is consistent with its open banking strategy to partner and invest in leading companies for the co-development of innovative products and solutions. It follows last year’s acquisition of Tink, one of Europe’s leading open banking platforms.

Abdulla Almoayed, founder/ CEO, Tarabut Gateway, said: “We are excited to announce our strategic partnership with Visa, a world-class brand. Our existing close relationship, through Visa’s investment in Tarabut Gateway, has paved the way for this collaboration. The progress of open banking in the Middle East in recent years has been remarkable. We are grateful for the opportunity to lead the sector and support the entire ecosystem.

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Tarabut Gateway and Visa: leveraging data infrastructures

“Together with Visa, we will leverage our data infrastructure to bring new and improved products to customers. As a visionary in the payments industry, Visa’s solutions will support innovation and collaboration across the MENA financial sector, and our strategic alignment will strengthen this partnership.”

Otto Williams, Senior Vice-President and Head of Product, Partnerships, and Digital Solutions for Visa Central and Eastern Europe, Middle East, and Africa, added: “The future of financial services is being shaped by next-gen digital innovation.

“Open banking and data sharing serve as a significant driver to help consumers better manage and access their finances. As we look to the future, it is clear that the key drivers of growth will be innovation and openness. By partnering with Tarabut Gateway and integrating our global payments network with their open banking platform, we are poised to deliver innovative financial services that cater to the unique needs of the MENA region. Our shared commitment to next-generation solutions will enable us to transform the financial landscape. And offer cutting-edge services to our customers.”