Riyadh: Saudi fintech savings platform Hakbah entered into a new partnership with The Company for Cooperative Insurance (Tawuniya) at the 24 Fintech Conference that kicked off in Riyadh on 3 September.

This alliance will reshape the financial savings in the Kingdom by offering Hakbah's customers comprehensive life insurance coverage during their Jameya time, according to a press release.

In line with Saudi Vision 2030, the partnership backs the government's goal of increasing savings rates and reinforcing financial inclusion.

Naif Abu Saida, Founder of Hakbah, said: "This partnership aligns perfectly with our mission to empower individuals and drive positive economic change in Saudi Arabia. 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 the Life Sector of Tawuniya, commented: “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.

Hakbah is a rapidly growing fintech startup in the MENA region, actively participating in the Kingdom’s robust $20.50 billion household savings market.

Checkout.com also announced strategic partnership agreements with Tawuniya during the 24 Fintech 2024 event.

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