Hakbah, the Saudi-based fintech savings platform, is addressing a gap in the insurance market as it partners with Tawuniya, the national insurance company in Saudi Arabia.
The new Hakbah partnership, announced at 24Fintech in Riyadh, provides consumers with peace of mind and security, eliminating concerns related to unexpected future events.
Key benefits of the partnership include extensive insurance coverage, enhanced financial security, and alignment with Saudi Vision 2030. The company will play a pivotal role in increasing savings to reach Saudi Arabia’s Financial Sector Development Programme goals. With 70 per cent of Saudi citizens needing more emergency savings and the household savings rate averaging a mere 1.6 per cent, Hakbah’s innovative model aims for a meaningful lasting impact.
Specifically, the new insurance package offers comprehensive protection for Hakbah members: including Death of Any Cause (DAC) to Passive War Risk (PWR). Additionally, the partnership supports the government’s goal of increasing savings rates and promoting financial inclusion.
The announcement aligns with Hakbah’s strategy to forge alliances and strategic partnerships with industry leaders, delivering superior services at an affordable cost.
Driving positive economic change in Saudi Arabia
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 said: “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.”
Hakbah is a rapidly growing fintech startup in the MENA region, actively participating in Saudi Arabia’s robust $20.5billion household savings market. The company has surpassed its total revenue for 2023 in just the first half of this year, demonstrating impressive 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.