- Partnership Announcement:
- Hakbah, a KSA-based fintech savings platform, partners with Tarabut, MENA’s leading open banking platform.
- Benefits for Hakbah:
- Streamlined onboarding and enhanced data processing for customers.
- 40% reduction in data processing time.
- 20% expansion of customer offering.
- Cost reduction for Hakbah’s services.
- Tarabut’s Contribution:
- Utilization of Tarabut’s open banking connectivity platform and other products.
- Empowering Hakbah to deliver innovative and tailored solutions.
- Strategic Alignment:
- Consistent with Hakbah’s strategy to partner with major players for affordable and best-in-class services.
- Quotes from Leadership:
- Naif AbuSaida (Founder of Hakbah) emphasizes collaboration with industry leaders for a competitive edge.
- Abdulla Almoayed (CEO and Founder of Tarabut) praises Hakbah’s mission to enhance financial inclusion.
- Hakbah’s Growth:
- One of MENA’s fastest-growing startups.
- Operates in KSA’s $20.5 billion Household Savings market.
- 23x revenue increase in the last 20 months.
- Blue-chip partnerships with flynas and a customer base of over 500,000 users.
- Hakbah’s Social Savings Platform:
- Digitizes traditional group savings (Jameya) for financial needs.
- Strengthens financial inclusion, integrates with any banking system in less than a week.
- Popular in over 60 countries worldwide.
- Addressing the Savings Crisis:
- Hakbah’s model tackles the Middle East savings crisis.
- 70% of Saudi citizens lack emergency savings, and the household savings rate averages just 1.6%.
