American Express Saudi Arabia partners with Tarabut to broaden credit availability
American Express Saudi Arabia and Tarabut Partner to Advance Financial Inclusion and Enhance Customer Experience
American Express Saudi Arabia and Tarabut, an Open Banking and embedded finance platform licensed in Saudi Arabia, have announced a groundbreaking partnership to promote financial inclusion and redefine customer experiences across the Kingdom.
The collaboration aims to advance financial inclusion, redesign digital journeys, and set new benchmarks for customer experience. Fahad Al Guthami, CEO of American Express Saudi Arabia, has stated the company's commitment to delivering innovative, customer-first financial solutions.
At the heart of this partnership is the use of consent-driven access to financial data for a more dynamic risk assessment. This approach allows American Express Saudi Arabia to access a broader range of customer financial data, enabling better credit underwriting and tailored financial product offerings.
"This is just the beginning of what we plan to achieve together," said Abdulla Almoayed, founder and CEO of Tarabut. The initiative is supported by Saudi Arabia's progressive regulatory environment that allows secure, consent-based access to financial data.
Open Banking plays a crucial role in this partnership, providing the technological and regulatory infrastructure to enhance credit accessibility for underserved segments. Tarabut's Open Banking infrastructure enables financial institutions and digital platforms to securely share financial data and build innovative credit and lending solutions tailored to these segments.
The partnership is the first of its kind, enabled by MENA-based regulated Open Banking platform Tarabut. It targets underserved segments such as self-employed and non-salaried individuals, providing them with a faster, more seamless, and secure credit journey within the American Express Saudi Arabia mobile app.
The new offering also provides American Express customers in Saudi Arabia with a quicker way to request credit limit increases. Abdulla Almoayed expressed enthusiasm for the role of Open Banking in shaping the future of customer experiences in Saudi Arabia.
Tarabut has been a trusted financial technology partner in Saudi Arabia for several years. In addition, Tarabut has partnered with Geidea to deliver financing for Saudi Arabia's SMEs (further reading). The partnership with American Express Saudi Arabia marks a significant step forward in the company's mission to drive financial inclusion and innovation in the region.
Both parties have confirmed their continued collaboration on Open Banking-powered innovations, demonstrating the power of Open Banking to simplify and accelerate financial access. Almoayed stated that Tarabut is prepared to scale new innovations as the market matures.
In conclusion, this collaborative approach, powered by Open Banking technology, is central to expanding American Express’s reach in Saudi Arabia’s underserved markets and shaping the future of customer experiences.
- This partnership between American Express Saudi Arabia and Tarabut, an Open Banking and embedded finance platform, aims to advance financial inclusion, redesign digital journeys, and set new benchmarks for customer experience.
- Through the use of consent-driven access to financial data for dynamic risk assessment, American Express Saudi Arabia can access a broader range of customer financial data, enabling better credit underwriting and tailored financial product offerings.
- Tarabut's Open Banking infrastructure enables financial institutions and digital platforms to securely share financial data and build innovative credit and lending solutions tailored to underserved segments, such as self-employed and non-salaried individuals.
- The collaboration between American Express Saudi Arabia and Tarabut, powered by Open Banking technology, is central to expanding American Express’s reach in Saudi Arabia’s underserved markets and shaping the future of customer experiences.
