Hakbah, the fintech savings platform based in Saudi Arabia, is thrilled to unveil its latest collaboration with Tarabut, a leading open banking platform and a significant investor in the region’s digital transformation.
Streamlined Operations and Enhanced Services
The partnership brings about a multitude of advantages for Hakbah, streamlining and expediting various operational tasks. This collaboration will facilitate smoother onboarding processes, optimize data processing for customers, reduce service costs for Hakbah by 40%, decrease data processing time, and broaden the customer offering by 20%.
Empowering Innovation through Tarabut’s Platform
These substantial improvements will be made possible through the utilization of Tarabut’s open banking connectivity platform and other innovative products. Tarabut’s mechanisms will empower Hakbah to provide innovative and tailored solutions, meeting the evolving needs of both current and future customers.
Aligning with Industry Leaders
This announcement aligns seamlessly with Hakbah’s strategic approach to partner with major industry players, ensuring the delivery of top-notch services at an affordable cost.
Founder’s Perspective: Naif AbuSaida
Naif AbuSaida, the Founder of Hakbah, expressed his enthusiasm about the partnership, highlighting the collaborative effort with Tarabut to digitize traditional savings habits. He emphasized Hakbah’s commitment to aligning with world-class partners to maintain a competitive edge and acknowledged Tarabut’s technological and commercial appeal.
CEO’s Vision: Abdulla Almoayed of Tarabut
Abdulla Almoayed, CEO and Founder of Tarabut, praised Hakbah’s mission to modernize traditional savings and enhance financial inclusion in Saudi Arabia. He sees the partnership as a step toward a more inclusive and accessible financial future, emphasizing the power of innovation and resilience embodied by Hakbah.
About Hakbah
Hakbah, one of MENA’s fastest-growing startups, operates in Saudi Arabia’s $20.5 billion Household Savings market. Over the last 20 months, the company has recorded a remarkable 23x increase in revenue, formed strategic partnerships with major entities like flynas, and built a substantial customer base of over 500,000 users.
Revolutionizing Savings with Social Savings Platform
Hakbah’s social savings platform integrates seamlessly with any banking system in less than a week. The platform digitizes traditional group savings (Jameya), popular in over 60 countries worldwide, allowing users to save for specific financial needs. This innovative model enhances traditional savings behavior, fosters purposeful saving, and promotes financial literacy.
Addressing the Middle East Savings Crisis
Hakbah’s model directly addresses the savings crisis in the Middle East, aligning with the strategic objectives of ‘Saudi Vision 2030’ and the country’s Financial Sector Development Program. With 70% of Saudi citizens lacking emergency savings and a household savings rate averaging just 1.6%, Hakbah is at the forefront of transforming savings behaviors in the region.
