Hakbah, a leading Saudi fintech savings platform, has partnered with national insurance company Tawuniya to fill a critical gap in the insurance market.
Announced at 24Fintech in Riyadh, this partnership aims to provide consumers with enhanced financial security and peace of mind, addressing concerns about future uncertainties.
Key benefits include comprehensive insurance coverage, improved financial security, and alignment with Saudi Vision 2030. This collaboration is expected to boost the country’s savings rate, currently at 1.6%, and support the Financial Sector Development Programme goals. As 70% of Saudi citizens need more emergency savings, Hakbah’s innovative model seeks to make a significant impact.
The insurance package offers extensive protection for Hakbah members, covering scenarios from Death of Any Cause (DAC) to Passive War Risk (PWR). This initiative also supports governmental efforts to increase savings rates and promote financial inclusion.
This announcement reinforces Hakbah’s strategy to form alliances with industry leaders, providing superior services at affordable costs.
Naif AbuSaida, Hakbah’s founder, expressed excitement about the partnership: We are thrilled to partner with Tawuniya to offer our customers unparalleled financial security through comprehensive life insurance during the Jameya duration.
He emphasized that the partnership aligns with Hakbah’s mission to empower individuals and drive positive economic change in Saudi Arabia. Hakbah is committed to savings, powered by innovative savings-engine technology. We look forward to further collaboration with Tawuniya to maximize financial savings for our customers,
AbuSaida added.
Mohammed Bin Salma, Tawuniya’s senior executive director for the life sector, highlighted the partnership’s significance: This collaboration builds on Tawuniya’s commitment to fostering a savings culture in the Kingdom, particularly among the youth.
He noted that Tawuniya, known for its excellence, aims to expand its reach and cater to a broader customer base, empowering individuals to adopt a positive savings culture.
Hakbah is a rapidly growing fintech startup in the MENA region, actively engaged in Saudi Arabia’s $20.5 billion household savings market. The company has already surpassed its total revenue for the year in the first half of 2023, showcasing impressive growth.
With a user base exceeding 750,000 and strategic partnerships with major institutions like Riyad Bank, Fransi Bank, ANB, flynas, and Tawuniya, Hakbah is well-positioned for continued success.