Hakbah – the Saudi-based fintech savings platform – recently announced an insightful partnership with Tawuniya – the leading national insurance company in Saudi Arabia, at 24Fintech in Riyadh.
According to Industry sources, this strategic alliance boosts financial savings in Saudi Arabia by offering Hakbah’s clients comprehensive life insurance coverage during their Jameya time. The partnership displays a huge gap in the market, offering clients with peace of mind and security. With this latest offering, Hakbah’s clients can eliminate concerns about unexpected future events and enter a phase of seamless savings.
Naif AbuSaida, the Founder of Hakbah, expressed his excitement about the partnership, stating: “We are thrilled to partner with Tawuniya to provide our customers with unparalleled financial security through life insurance coverage for all Hakbah’s members during the Jameya duration. This partnership aligns perfectly with our mission to empower individuals and drive positive economic change in Saudi Arabia. Hakbah prides itself on its unyielding commitment to savings, driven by cutting-edge savings-engine technology. We look forward to exploring more collaboration with Tawuniya to benefit our customers and unleash the full potential of increased financial savings.”
Mohammed Bin Salma, Senior Executive Director for Life Sector of Tawuniya, stated: “The new partnership with Hakbah builds on Tawuniya’s commitment to promoting a culture of financial savings in the Kingdom, especially among the youth segment that constitutes the majority of the country’s population. “Tawuniya, renowned for its commitment to excellence, will expand its reach to new horizons and cater to a broader customer base. By offering insured products, Tawuniya empowers individuals across every segment to embrace a positive savings culture.”
Core Partnership Benefits Comprises:
- Extensive insurance coverage: From Death of Any Cause (DAC) to Passive War Risk (PWR), the insurance package offers comprehensive protection for Hakbah members.
- Enhanced financial security: By eliminating concerns related to unexpected future events, Hakbah customers can focus on saving without worry.
- Alignment with Saudi Vision 2030: The partnership supports the government’s goal of increasing savings rates and promoting financial inclusion.
Industry sources further added that this announcement aligns perfectly with Hakbah’s strategy to forge alliances and strategic partnerships with industry leaders, delivering superior services at an affordable cost.
Hakbah’s approach effectively tackles the challenges of savings present in the Middle East. By addressing this, Hakbah aligns seamlessly with the strategic goals in ‘Saudi Vision 2030‘ and will play a core role in surging the savings to reach Saudi Arabia’s Financial Sector Development Program goals. With 70% of Saudi citizens requiring more emergency savings and the household savings rate averaging a mere 1.6%, Hakbah’s innovative model focuses on a meaningful lasting impact.
Industry sources also further added that Hakbah is a quickly growing fintech startup in the MENA region, actively participating in Saudi Arabia’s robust $20.5 billion household savings market. The firm has surpassed its total revenue for 2023 in just the first half of this year, demonstrating huge growth. With a user base of over 750,000 customers and strategic partnerships with prominent institutions like Riyad Bank, Fransi Bank, ANB, flynas, and Tawuniya, Hakbah is well-positioned to continue its upward trajectory.
