Hakbah, a KSA-based FinTech savings platform, has recently partnered with Tarabut to enhance and simplify savings processes.
The partnership involves integrating Tarabut’s open banking connectivity platform into Hakbah’s services to offer more efficient and tailored financial solutions to their customers.
Hakbah specializes in digitizing conventional group savings, elevating financial inclusion by integrating seamlessly with banking systems. Their AI-powered technology underpins a robust savings engine. Meanwhile, Tarabut, an influential player in MENA’s FinTech sector, offers a sophisticated open banking platform that facilitates streamlined data processing and customer onboarding.
This collaboration promises to reduce Hakbah’s service costs, cut data processing time by 40%, and expand customer offerings by 20%. These enhancements are pivotal for Hakbah in maintaining its competitive edge in the region’s Household Savings market.
Hakbah, one of MENA’s rapidly growing start-ups, operates in the $20.5bn KSA Household Savings market. With a 23x revenue increase in 20 months and key partnerships like with flynas, Hakbah demonstrates significant market impact. Their customer base predominantly comprises younger demographics, emphasizing the platform’s appeal to modern savers.
Hakbah Founder, Naif AbuSaida, said, “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. Tarabut has significant appeal technologically and commercially, which aligns perfectly with Hakbah and its ambitions for future growth.”
Tarabut’s CEO and Founder, Abdulla Almoayed, commented, “I am truly inspired by Hakbah’s mission to modernise traditional savings and enhance financial inclusion in Saudi Arabia. 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.”
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