Open banking platform Tarabut Gateway has teamed up with Bahrain-licensed cryptocurrency exchange Rain to allow customers to top up their crypto wallets in a faster and cheaper way.
The partnership will enable accounts to be topped up directly from users' bank accounts without the need to leave Rain’s platform.
The new feature will use the platform’s open banking payment solutions to speed up transactions and reduce errors associated with traditional bank wire transfers, Tarabut Gateway said on Tuesday.
“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,” said Abdulla Almoayed, founder and chief executive of Tarabut Gateway.
“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.”
Open banking is a technology that global lenders have embraced to revolutionise the traditional banking model and boost profit as they jostle to engage retail customers on a personal level and drive new areas of growth.
It allows banks to share customer data such as transaction history and spending patterns with regulated third-party providers — with the account holder’s consent.
An open banking platform gives a customer access to accounts from different banks, credit card providers and other financial services companies, allowing them to easily and instantly make transfers between them.
Third-party FinTech platforms, such as Tarabut Gateway, point customers towards financial services and products tailored to their specific needs by analysing their spending habits.
Tarabut Gateway, founded in 2017, is licensed by global regulators such as the Central Bank of Bahrain and the Dubai Financial Services Authority.
It is also permitted by the Saudi Central Bank to test its services under the Regulatory Sandbox environment.
The platform, which has partnerships with several banks, financial institutions and FinTech companies across the region, raised $13 million in a seed-funding round in 2021.
The funding round was led by Berlin-based venture capital firm Target Global and it was followed by another $12 million in a pre-Series A funding round led by Tiger Global.
The market size of the global open banking industry is set to hit $43.15 billion by 2026, at a compound annual growth rate of 24.4 per cent, according to Allied Market Research.
Rain chief executive Joseph Dallago said the partnership with Tarabut Gateway would unlock “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 capitalise on market movements,” he said.
Through its subsidiary, Rain Management, a digital asset broker and custodian licensed by the Central Bank of Bahrain, Rain offers users a space to buy, sell and store cryptocurrency assets.
Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago and Yehia Badawy. In 2019, Rain Management became the first licensed cryptocurrency asset service provider in the Middle East.
A 2021 survey by FinTech company Finastra revealed that open banking was a “must have” for more than half of financial institutions around the world.
Globally, more than nine in 10 financial institutions said open banking was important to their organisation.
The UAE leads the way in terms of open banking’s importance, with 68 per cent of financial institutions saying it is a “must have”, followed by 58 per cent in Hong Kong and 56 per cent in Singapore, the survey found.
Among global financial institutions that have already integrated open banking into their operations, 97 per cent said it provided benefits to their business, such as improving customer service or experience, attracting customers — new and existing — and delivering new services, according to the survey.
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
Scoreline:
Barcelona 2
Suarez 85', Messi 86'
Atletico Madrid 0
Red card: Diego Costa 28' (Atletico)
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Killing of Qassem Suleimani
Dubai World Cup Carnival Thursday race card
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m
7.05pm: Handicap $135,000 (T) 1,600m
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m
9.25pm: Handicap $135,000 (D) 1,400m
10pm: Handicap $135,000 (T) 1,600m
Mohammed bin Zayed Majlis
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Sholto Byrnes on Myanmar politics
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The%20specs
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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