Tarabut passes CBB’s sand test

Tarabut Gateway, a subsidiary of Almoayed Technologies, has become the first company to successfully complete the Regulatory Sandbox stage and to receive the CBB’s in-principle confirmation under the Open Banking regulatory framework, the top bank announced. The announcement was made at a ceremony held at the Bahrain Fintech in the presence of CBB, Bahrain Economic Development Board (EDB) and Bahrain Fintech Bay officials and Abdulla Almoayed, CEO of Almoayed Technologies.

Tarabut Gateway was one of the first companies to enter the regulatory sandbox in early 2018 to test its technology-based innovative open banking solutions and provide connectivity for Bahraini banks to assist their customer in accessing account information across different banks on a single platform, in accordance with the open banking regulations recently issued by the CBB. Expressing his delight at the successful graduation of Tarabut, Rasheed Mohammed Al Maraj, Governor of the CBB, said, “We look forward to more successful completion of the Regulatory Sandbox stage by other companies.”

“Open Banking will create opportunities for building synergies between financial institutions and FinTechs, thereby, delivering a more competitive and efficient financial services sector in the Kingdom of Bahrain,” Al Maraj added. Khalid Al Rumaihi, Chief Executive of Bahrain Economic Development Board (EDB), 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 FinTech products while maintaining the overall safety and soundness of the financial system.”

Tarabut emerged successfully from the Sandbox after completing 12 months of continuous support from the CBB and the Economic Development Board. “Throughout the sandbox period, we have successfully integrated more than 11 banks in Bahrain preparing them for the new Open Banking regulation to deliver one of the world’s most advanced infrastructures enabling Banks and Fintechs within the ecosystem to enhance their offerings and the customer experience as a whole,” said Abdulla Almoayed, CEO of Almoayed Technologies.