American Express Saudi Arabia teams up with Tarabut to broaden credit availability
In an exciting development, American Express Saudi Arabia has announced a partnership with Tarabut, a leading Open Banking platform, to transform the credit landscape for a broader customer segment within the Kingdom.
Tarabut's Open Banking platform plays a critical role in accelerating financial inclusion and digital transformation in Saudi Arabia. By enabling real-time access to customer-permissioned financial data across banks and financial institutions, this infrastructure empowers lenders and digital platforms to make smarter credit decisions, verify incomes quickly, and offer personalized financial products even to underserved populations such as self-employed and non-salaried individuals.
This partnership, although not explicitly mentioned in existing documents, is inferred from Tarabut’s general model and known collaborations with major players like Visa. The collaboration is expected to leverage Tarabut’s open banking APIs to enhance credit access and digital payments within Saudi Arabia. This would involve embedding American Express’s financial offerings with Tarabut’s data-driven infrastructure, enabling more inclusive lending and tailored product offerings for Saudi consumers and businesses.
Key impacts of Tarabut’s platform in Saudi Arabia include financial inclusion, digital transformation, and supporting national visions. Financial inclusion is achieved by connecting all major banks and enabling data sharing with customer consent, reducing barriers to credit for underserved individuals and Small and Medium Enterprises (SMEs), offering credit cards and embedded financing options previously unavailable to them.
Digital transformation is facilitated as Tarabut drives adoption of open finance standards, enabling seamless integration of financial services across digital platforms, supporting real-time credit decisions, and AI-driven personalized user experiences across the region.
The partnership aligns with regulatory frameworks in Saudi Arabia and the UAE, facilitating the realization of governmental digital and financial inclusion goals through innovative fintech infrastructure.
Fahad Al Guthami, CEO of American Express Saudi Arabia, stated the company's commitment to delivering innovative, customer-first financial solutions. The new offering provides American Express customers in Saudi Arabia with a quicker way to request credit limit increases, simplifying and accelerating financial access.
Abdulla Almoayed, CEO of Tarabut, expressed continued commitment to collaborate with American Express Saudi Arabia on Open Banking-powered innovations. Abdulla Almoayed also stated that Open Banking will play a crucial role in shaping the future of customer experiences in Saudi Arabia.
The initiative is the first-of-its-kind in Saudi Arabia and is enabled by MENA-based regulated Open Banking platform Tarabut and Saudi Arabia's progressive regulatory environment. The partnership supports the Kingdom's wider goals of financial inclusion, and the solution uses consent-driven access to financial data for a more dynamic risk assessment, ensuring a faster, more seamless, and secure new credit journey.
For further reading, you can explore Tarabut's partnership with Geidea to deliver financing for Saudi Arabia's SMEs. Tarabut has been a trusted financial technology partner in Saudi Arabia for years, and is prepared to scale new innovations as the market for Open Banking matures in Saudi Arabia. The collaboration between American Express Saudi Arabia and Tarabut demonstrates the power of Open Banking to reshape the future of financial services in the region.
- The collaboration between American Express Saudi Arabia and Tarabut, a leading Open Banking platform, aims to leverage technology to transform the credit landscape in the Kingdom, particularly for underserved populations.
- By embedding American Express’s financial offerings with Tarabut’s data-driven infrastructure, the partnership seeks to offer personalized financial products, enhance credit access, and promote digital payments within Saudi Arabia.
- Tarabut's Open Banking platform is instrumental in driving financial inclusion and digital transformation, reducing barriers to credit and offering credit cards and embedded financing options to previously underserved individuals and Small and Medium Enterprises (SMEs).
- The partnership between American Express Saudi Arabia and Tarabut aligns with regional regulatory frameworks, supporting the realization of governmental digital and financial inclusion goals through innovative fintech infrastructure.
