Saudi Arabian fintech Hakbah partners with Tarabut

Ellie Duncan
02 Jan 2024

Saudi Arabia-based savings platform Hakbah has partnered with Open Banking platform Tarabut to improve its offering to its more than 500,000 users.

Tarabut’s Open Banking connectivity platform will enable Hakbah to streamline the onboarding process and “enhance” data processing for customers, by reducing data processing time by 40%.

Hakbah operates in the Kingdom of Saudi Arabia’s $20.5 billion household savings market, where 70% of Saudi citizens are without emergency savings and the country’s household savings rate averages 1.6%.

Hakbah’s social savings platform is designed to support financial inclusion and to integrate with any banking system in under a week.

Of its 500,000 customers, 70% are aged between 21 and 35-years-old.

Naif AbuSaida, founder of Hakbah, 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.

“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.”

AbuSaida added: “Tarabut has significant appeal technologically and commercially, which aligns perfectly with Hakbah and its ambitions for future growth.”

“I am truly inspired by Hakbah’s mission to modernise traditional savings and enhance financial inclusion in Saudi Arabia,” Abdulla Almoayed, chief executive officer and founder of Tarabut, said.

“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.”

In July last year, Tarabut appointed a new chief financial officer, Tariq Sanad, to support its expansion in Saudi Arabia, following its recent $32 million Series A fundraise.