Financial news

Tarabut Gateway, an open banking platform in the Middle East and North Africa (MENA), has partnered with Bahrain-based regulated crypto assets trading platform Rain.

Tarabut Gateway’s first collaboration with a crypto asset service provider will provide faster, cost-effective fiat-to-crypto transactions to Bahrain end-users. It also plans to enable funding payments directly from user bank accounts without the need to leave Rain’s platform.

The new feature will utilise Tarabut Gateway’s open banking payment solutions to facilitate on and off-ramp (fiat-crypto-fiat) transfers for users. This aims to both increase speed and reduce errors associated with traditional bank wire transfers. The introduction of this new feature is also in line with Rain’s strategy to provide a seamless crypto wallet experience for its MENA users.

Tarabut Gateway explained that the addition of Rain as another partner to its fintech client base strengthens its role in MENA’s open banking ecosystem.

With Rain, Tarabut Gateway has added another dedicated partner to its fintech client base, further strengthening the company’s vital role in MENA’s open banking ecosystem. Tarabut Gateway provides connectivity for data and payments to flow between banks and fintechs offering financial services to end users – for a better consumer experience.

‘A perfect cross-sector synergy’

Abdulla Almoayed, founder and CEO of Tarabut Gateway, explained what the partnership aims to achieve. Almoayed commented: “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, also discussed the partnership. Dallago said: “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.”

Through its subsidiary, Rain Management WLL, a licensed crypto assets broker and custodian by the Central Bank of Bahrain, Rain seeks to offer its users a 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.