Fintech firm Tarabut opens new regional headquarters in Riyadh

Core Insights - Tarabut, a MENA-based open banking platform, has established its regional headquarters in Riyadh to enhance its technology infrastructure for open banking in Saudi Arabia [1] - The new headquarters will focus on product development tailored to the Saudi market and improving client engagement [1] Group 1: Company Developments - The opening ceremony was attended by representatives from major financial institutions such as SNB, SAB, Alinma, Bank Aljazira, and GIB, indicating strong partnerships within the financial sector [2] - Tarabut aims to improve open banking embedded finance solutions by addressing challenges in financing, credit assessments, and customer service [3] - The founder and CEO of Tarabut emphasized the company's long-term commitment to Saudi Arabia and its collaboration with regulators and partners [3] Group 2: Technology and Services - Tarabut's technology facilitates the sharing of customer-approved financial data among regulated entities, enhancing the financial services ecosystem [5] - The platform has introduced credit card options for individuals with limited credit histories and offers revenue-based financing for SMEs [5] - Tools have been developed to streamline underwriting processes, thereby reducing associated costs [5]