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Hakbah taps open banking platform Tarabut to modernise its savings platform

By Delisha Fernandes

December 28, 2023

  • B2B Banking
  • Digital Transformation
  • Financial Inclusion
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Hakbah, Series A, funding round, fintech savings platform, Machine Learning, financial inclusion, Fintech news, Fintech SaudiHakbah, a KSA-based FinTech savings platform, has partnered with Tarabut, an open banking platform, and an investor in the region’s digital transformation.

The partnership has several benefits for Hakbah as it simplifies and expedites various tasks. It will enable streamlined onboarding and enhanced data processing for customers, reduce the cost of Hakbah’s service, cut data processing time by 40%, and expand the customer offering by 20%.

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

These significant improvements will be facilitated by Tarabut’s open banking connectivity platform and other products. Tarabut’s mechanisms will also empower Hakbah to deliver innovative and tailored solutions, addressing current and future customer needs.

Abdulla Almoayed, CEO and Founder of Tarabut, said, “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’s social savings platform – which strengthens financial inclusion and fully integrates with any banking system in less than a week – includes the digitization of traditional group savings (Jameya) with the purpose to spend on financial needs. Hakbah’s model tackles the Middle East savings crisis. Savings are a key strategic objective in ‘Saudi Vision 2030’ and critical to the country’s Financial Sector Development Program.

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