Tarabut has signed an MoU with Khaleeji Bank to support the bank’s digital channels with Open Banking and financial data analytics.
Tarabut, an embedded finance and Open Banking platform operating in Bahrain, Saudi Arabia, and the UAE, has signed a Memorandum of Understanding (MoU) with Bahrain-based Islamic bank Khaleeji Bank. The agreement aims to develop the bank’s digital channels and customer experience using Tarabut’s Open Banking and financial data analytics technologies. It builds on an existing relationship between the two organisations.
Open Banking connectivity and data insights
Under the collaboration, Khaleeji Bank will draw on Tarabut’s technology infrastructure and software products to support the development of its digital banking services. These include Open Banking connectivity, spending categorisation, and income insights, which are intended to give the bank a clearer understanding of its customers’ needs and allow it to tailor its digital services accordingly. Tarabut is regulated by the Central Bank of Bahrain as an Account Information Service Provider and Payment Initiation Service Provider (AISP/PISP).
The two organisations will work together to apply these capabilities across the bank’s digital channels, converting financial data into insights that support service development and customer engagement. The partners position the collaboration within the wider digital transformation of the financial sector in Bahrain and the region. The announcement does not specify timelines or the particular services that will be introduced under the MoU.
Building on an existing relationship
Mohamed Alderazi, Head of Product, Data and AI at Tarabut, stated that the agreement expands Tarabut’s existing collaboration with Khaleeji Bank, with the aim of enabling the bank to make greater use of financial data to deliver banking experiences tailored to its customers’ needs. He added that Tarabut focuses on providing the technology infrastructure and software products that help financial institutions develop their digital services, and that its Open Banking connectivity, spending categorisation, and income insights capabilities are intended to help Khaleeji Bank translate customer insights into improvements across its digital channels.
Osama Nasr, Chief Technology Officer at Khaleeji Bank, stated that Khaleeji Bank continues to develop its digital channels to make banking more convenient and better suited to customers’ needs, and that expanding the collaboration with Tarabut allows the bank to use Open Banking and financial data analytics to strengthen its understanding of those needs. According to Nasr, the bank aims to ensure that its investments in technology and partnerships result in improvements to the services customers use every day. For Khaleeji Bank, which offers Shari’a-compliant banking, financing, and investment services to individuals and businesses, the MoU extends the use of customer data insights into the development of its digital offering.
