Hakbah taps open banking platform Tarabut to modernize savings platform in Saudi Arabia
“I am truly inspired by Hakbah’s mission to modernise traditional savings and enhance financial inclusion in Saudi Arabia.”
Hakbah, the prominent fintech savings platform based in Saudi Arabia, has announced a strategic partnership with Tarabut, MENA’s leading open banking platform and a key player in the region’s digital transformation.
This collaboration is poised to bring about a paradigm shift for Hakbah, introducing a host of benefits for its customers. Leveraging Tarabut’s open banking and connectivity platform, Hakbah aims to streamline onboarding processes, enhance data processing efficiency, reduce service costs, and decrease data processing time by a notable 40%. Additionally, the partnership is anticipated to expand Hakbah’s customer offerings by 20%.
Tarabut to expand Hakbah’s customer offerings by 20%
The integration of Tarabut’s open banking connectivity platform will empower Hakbah to deliver innovative and tailored solutions, aligning with current and future customer needs. This strategic move is in line with Hakbah’s overarching strategy to collaborate with industry leaders, ensuring the delivery of top-notch 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, recognized as one of MENA’s fastest-growing startups, operates in Saudi Arabia’s $20.5 billion Household Savings market. The company’s revenue has seen a remarkable 23x increase over the last 20 months, reflecting its strategic partnerships, including with the national airline of Saudi Arabia, flynas.
Hakbah’s social savings platform, which integrates seamlessly with any banking system in less than a week, focuses on digitizing traditional group savings (Jameya). This model, popular in over 60 countries worldwide, addresses the Middle East savings crisis, a key strategic objective in ‘Saudi Vision 2030.’
The partnership between Hakbah and Tarabut signals a promising collaboration that stands to reshape the landscape of fintech offerings in the region, aligning with broader financial inclusion and digital transformation initiatives.
‘Saudi Vision 2030’ and the Financial Sector Development Program
As Hakbah and Tarabut forge a strategic partnership to revolutionize fintech offerings, it becomes imperative to delve into the regulatory landscape that governs such collaborations.
The Saudi Arabian financial sector has been witnessing a wave of digitization and innovation, spurred by the country’s ambitious ‘Saudi Vision 2030’ and the Financial Sector Development Program. Regulatory bodies, including the Saudi Central Bank (SAMA), play a crucial role in overseeing and shaping the evolving landscape of financial technology.
Tarabut’s achievement of securing AIS (account information services) and PIS (payment initiation services) Category 4 licenses from the Dubai Financial Services Authority (DFSA) further positions the company as a regulatory-compliant partner. This achievement not only reinforces Tarabut’s commitment to regulatory standards but also contributes to establishing a robust regulatory framework for open banking services in the MENA region.