1 year ago
106 Tarabut Gateway has partnered with Rain, a crypto assets trading platform regulated in the MENA region, to bring about faster, cost-effective fiat-to-crypto transactions to Bahrain end-users and enable funding payments directly from user bank accounts without the need to leave Rain’s platform.
The open banking payment solutions facilitates on and off-ramp (fiat-crypto-fiat) transfers for users, increasing speed and reducing errors associated with traditional bank wire transfers. Rain tapped Tarabut as part of its strategy to provide a premium and seamless crypto wallet experience for its MENA users.
“Partnership unlocks a new era for crypto assets adoption in the region”
Tarabut Gateway provides the connectivity for data and payments to flow between banks and fintechs offering financial services to end users – for a better consumer experience.
Rain Management WLL is a licensed crypto assets broker and custodian by the Central Bank of Bahrain that offers users a safe and secure space to buy, sell and store crypto assets. The company also provides regular educational opportunities for those interested in learning more about crypto assets.
Abdulla Almoayed, Founder and CEO of Tarabut Gateway, 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.”
Joseph Dallago, Chief Executive Officer of Rain, added: “Our partnership with Tarabut Gateway unlocks a new era for crypto assets adoption in the region. Through quick and efficient deposit mechanisms, crypto traders on Rain’s platform will now be able to seamlessly fund their accounts and capitalize on market movements. The integration with Tarabut Gateway cements Rain’s premium product offering in the region.”
MENA region is fastest growing crypto market
According to Chainalysis, the MENA region is the world’s fastest-growing cryptocurrency market, with the volume of crypto received in the region jumping 48% in the year to June 2022.
Tarabut Gateway has offices across Bahrain, UAE, and KSA. The firm has gone live with its API infrastructure in December 2019. One year later, the firm expanded its presence in MENA, establishing offices in Abu Dhabi and Dubai.
In April 2022, Tarabut Gateway became the first open banking platform to secure AIS (account information services) and PIS (payment initiation services) Category 4 licences from the Dubai Financial Services Authority (DFSA) and has recently been selected as the technology partner of choice for Dubai International Financial Centre’s Open Finance Lab Program. In July 2022 and as part of its expansion in KSA, Tarabut Gateway partnered with four leading KSA banks. In November 2022, it became one of the first fintechs to receive the permit to test in SAMA’s regulatory sandbox.
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