First ‘directly integrated’ open banking API in MENA’s crypto sector
Partnership will allow Rain customers in Bahrain to quickly and easily top-up their crypto wallets via bank transfer through the Rain app
Dubai, United Arab Emirates, 15 March 2023: Tarabut Gateway, the largest open banking platform in the MENA region, announces its new partnership with Rain, the first regulated crypto assets trading platform in the region.
The partnership is the company’s first collaboration with a crypto asset service provider. It will 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 new feature will utilise Tarabut Gateway’s open banking payment solutions to facilitate on and off-ramp (fiat-crypto-fiat) transfers for users, dramatically increasing speed and reducing errors associated with traditional bank wire transfers. The introduction of this new feature is in line with Rain’s strategy to provide the most premium and seamless crypto wallet experience for its MENA users.
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.”
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 the connectivity for data and payments to flow between banks and fintechs offering financial services to end users – for a better consumer experience.
Through its subsidiary, Rain Management WLL, a licensed crypto assets broker and custodian by the Central Bank of Bahrain (“CBB”), Rain seeks to offer its 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.
MENA’s crypto sector is growing at a breakneck pace. 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.