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Saudi s SAMA to encourage more insurance consolidation

SAMA to encourage more insurance consolidation

RIYADH: Recent mergers in the insurance sector show that the central bank’s (SAMA) plans for the industry are moving in the right direction, said Governor Fahd Al-Mubarak, Al Eqtisadiah reported. He said that the Kingdom had three insurance mergers during a short period of nearly a year, citing the most recent combination of Aljazira Takaful and Solidarity. The pair signed a binding merger deal last year. Fierce competition in the crowded regional insurance sector is encouraging underwriters to combine with former rivals in order to improve profitability. SAMA will continue to encourage mergers and acquisitions of insurance companies, to achieve Vision 2030 goals, the most important of which is the Financial Sector Development Program, Al-Mubarak said.

UAE based Tarabut Gateway nets biggest seed funding for Middle East fintech, with $13m

Tarabut s platform provides open banking services and rated as high growth prospect Open Banking is built around using consumer driven data to provide for a wider basket of financial services delivered digitally. Image Credit: Supplied Dubai: This is already turning out to be a good year for UAE and Gulf based tech startups.  Tarabut Gateway, the fintech specialisng in open banking services, has secured $13 million in new funds – making it the largest fintech seed round in MENA history . Tarabut Gateway, with offices in Abu Dhabi and Dubai as well as in London and Manama, will expand both its team geographic reach with the support of the new cash in hand. The plan is to hire 40 additional team members by the end of this year.

Startup MGZN – Bahrain s Tarabut Gateway secures a record-breaking $13mn Seed Round

Abu Dhabi, United Arab Emirates – XX February, 2020: Tarabut Gateway, the region’s first and largest Open Banking platform, has secured $13million – making it the largest FinTech seed round in MENA history. Tarabut Gateway, which has offices in Abu Dhabi, Dubai, London and Manama, reported that the funding will support it in scaling its team and expanding regionally. The announcement follows Tarabut Gateway’s recent expansion into the UAE in October 2020. The business reveals that it will use the funding for further geographic growth and the development of its current product offerings. CEO and founder of Tarabut Gateway, Abdulla Almoayed, said: “

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