Tarabut Gateway, which claims to be the largest open banking platform in the MENA region, has teamed up with crypto asset trading platform Rain.
This partnership is Tarabut’s first with a crypto asset service provider. It hopes this will foster faster, cost-effective fiat-to-crypto transactions for Bahrain end-users and enable funding payments directly from user bank accounts without the need to leave the Rain platform.
The feature will leverage Tarabut’s open banking payment solutions to facilitate on and off-ramp transfers for users.
Rain is the first regulated crypto assets trading platform in the MENA region. It allows users to buy and sell a variety of digital assets, including bitcoin and Ethereum.
Speaking on the partnership, Tarabut Gateway founder and CEO Abdulla Almoayed said, “We’re delighted to unveil a solution that aims to make fiat-to-crypto transfers quicker, more secure, and cost-effective – as well as enable such funding methods directly from bank accounts.
“Our partnership with Rain is a perfect cross-sector synergy, made possible by Bahrain’s advanced open banking ecosystem. Crypto trading, wallets, and other blockchain use cases are natural allies in opening up traditional banking and finance. We are proud to partner with Rain to provide a user-focused approach to crypto services by bringing the advantages of open banking digital solutions.”
Tarabut provides connectivity for data and payments to flow between banks and FinTechs offering financial services to end users.
The company raised $25m in its seed round and pre-Series A funding round in 2021. The investments were backed by Tiger Global, Dubai International Fintech Fund and the Investment Vehicle of Dubai’s International Financial Centre.
In other open banking news, Weavr, which is helping transform business with embedded finance, acquired B2B open banking platform Comma Payments. The companies claim this is a first-of-its-kind deal within the world of embedded finance.
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