Bahrain’s Flooss taps Tarabut for open banking-powered lending
Bahrain-based fintech Flooss has partnered with open banking platform Tarabut to enhance its digital lending platform.
Flooss partners Tarabut for open banking-enabled lending
The lender is set to adopt Tarabut’s Income Verification product, which through open banking APIs enables direct access to information regarding customers’ incomes and eliminates the requirement for manual salary certificate submissions.
Tarabut, which is based in Dubai, UAE, says the partnership will create Bahrain’s “first open banking-enabled digital lending service”, while Flooss anticipates that the digitisation of its manual processes with open banking will enhance the efficiency, accuracy and security of its lending operations.
Speaking on the move, Fawaz Ghazal, CEO of Flooss, says the customer lending experience “must be reimagined”, and that through the adoption of Tarabut’s Income Verification product, the lender “has been able to implement a customer-first solution that improves lending processing times to a few minutes”.
Adding to this, Tarabut’s founder and CEO, Abdulla Almoayed, says the partnership promotes financial inclusion and adheres to Bahrain’s ambition to develop its financial infrastructure.
“Everyone should have access to affordable and efficient lending facilities, and this partnership is a crucial step towards that goal,” he says.
