Hakbah, the KSA-based fintech savings platform, has announced a new partnership with Tarabut – MENA’s leading open banking platform and an investor in the region’s digital transformation.
The partnership has several benefits for Hakbah as it simplifies and expedites various tasks. It will enable streamlined onboarding and enhanced data processing for customers, reduce the cost of Hakbah’s service, cut data processing time by 40%, and expand the customer offering by 20%.
Tarabut’s open banking connectivity platform and other products will facilitate these significant improvements. Tarabut’s mechanisms will also empower Hakbah to deliver innovative and tailored solutions, addressing current and future customer needs.
The announcement is consistent with Hakbah’s strategy to partner with major players to offer the best services at an affordable cost.
Naif AbuSaida, The Founder of Hakbah, commented, “This partnership is a combination of industry leaders. We are delighted to collaborate with a stellar platform such as Tarabut, as we further digitise traditional savings habits. Hakbah prides itself on the robust AI-powered technology base underpinning its savings engine and will always look to align with world-class partners to give the Company a further competitive edge. Tarabut has significant appeal technologically and commercially, which aligns perfectly with Hakbah and its ambitions for future growth.”
Abdulla Almoayed, CEO and Founder of Tarabut commented, “I am truly inspired by Hakbah’s mission to modernise traditional savings and enhance financial inclusion in Saudi Arabia. Hakbah stands as a testament to the power of innovation and resilience, and our partnership is carving a path toward a more inclusive and accessible financial future for all. We are proud to join Hakbah on this journey.”
Hakbah is one of MENA’s fastest-growing startups and operates in KSA’s $20.5 billion household savings market. The company has recorded a 23x increase in revenue over the last 20 months, struck several blue-chip partnerships with the likes of flynas, the national airline of Saudi Arabia and the leading low-cost airline in the Middle East, has a customer base of over 500,000 users (of which 70% are between 21-35 years old), and hired a top-tier product and development team.
Hakbah’s social savings platform – which strengthens financial inclusion and fully integrates with any banking system in less than a week – includes the digitization of traditional group savings (Jameya) with the purpose of spending on financial needs. Popular in over 60 countries worldwide, savings groups are a popular and traditional savings behaviour.
Hakbah’s users prioritize total needs over time and share the pool of money – which is rotated amongst them. This elevates traditional savings behaviour, allows saving for purpose, and increases financial literacy.
Hakbah’s model tackles the Middle East savings crisis. Savings are a key strategic objective in ‘Saudi Vision 2030’ and critical to the country’s Financial Sector Development Program. 70% of Saudi citizens are without emergency savings, while the country’s household savings rate averages just 1.6%.
