Tarabut Gateway partners with Rain to enable fiat-to-crypto transactions via bank transfer
Tarabut Gateway, the open banking platform operating across the Middle East, has partnered with Rain. The result of this collaboration is faster, cost-effective fiat-to-crypto transactions for Rain’s Bahrain end-users and enable funding payments directly from user bank accounts without the need to leave the platform. The partnership is the company’s first collaboration with a crypto asset service provider.
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, “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.”
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 percent in the year to June 2022.
Almoayed added, “For small businesses, there are great benefits. This kind of API means reduced transaction costs eliminating high intermediary fees, faster payments leading to better cash flow and providing their customers with an enhanced customer experience.”
He pointed out that, specifically, there are two ways this collaboration will positively impact SME businesses in MENA.
Firstly, by enabling consumers to engage with the crypto ecosystem more easily and cheaply, small, next-generation online businesses can leverage the diversified payment capabilities of their customers. They can integrate cryptocurrencies as means of payment and offer products connected to digital assets traded on blockchains, like ownership certificates or smart contracts.
Secondly, the partnership will encourage business formation and growth in the crypto sector itself - many of which will be SME ventures offering niche services within the wider industry. Crypto SMEs will benefit greatly from Tarabut Gateway’s open banking infrastructure by virtue of improved customer acquisition and reduced fees for fiat-to-crypto transactions.
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 currently operates in Bahrain, UAE and KSA, with plans to expand to other MENA countries.