Hakbah, a Saudi-based FinTech platform focusing on digital savings, has announced a new partnership with Tawuniya to revolutionise the savings experience for Saudi citizens.
The partnership will provide Hakbah customers with comprehensive life insurance coverage during their Jameya savings periods in a bid to achieve this, according to FF News.
This collaboration addresses a critical gap in the market, offering Hakbah users peace of mind by eliminating the uncertainties surrounding unexpected life events while they focus on growing their savings.
Hakbah is a rapidly growing FinTech startup in the MENA region, known for its innovative approach to personal savings. The company leverages cutting-edge technology to help individuals and families save more efficiently.
With over 750,000 customers, the firm has established itself as a major player in Saudi Arabia’s $20.5bn household savings market.
Tawuniya, on the other hand, is one of the largest insurance companies in Saudi Arabia, offering a broad range of life and health insurance products.
The company is renowned for its dedication to financial security and is committed to expanding its customer base by promoting a culture of savings.
This partnership aligns with Saudi Arabia’s Vision 2030, which aims to increase the national savings rate and promote financial inclusion across the Kingdom.
By offering life insurance coverage during the Jameya savings period, both companies are contributing to the government’s goals of enhancing financial security.
Additionally, the insurance coverage will include extensive protections, from Death of Any Cause (DAC) to Passive War Risk (PWR), ensuring that customers are fully protected.
The partnership with Tawuniya also aims to engage younger generations, which form a significant part of Saudi Arabia’s population, by instilling a positive savings culture.
Naif AbuSaida, founder of Hakbah, remarked, “We are thrilled to partner with Tawuniya to provide our customers with unparalleled financial security through life insurance coverage for all Hakbah’s members during the Jameya duration.
“This partnership aligns perfectly with our mission to empower individuals and drive positive economic change in Saudi Arabia. Hakbah prides itself on its unyielding commitment to savings, driven by cutting-edge savings-engine technology. 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 Life Sector of Tawuniya, stated, “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.
“Tawuniya, renowned for its commitment to excellence, will expand its reach to new horizons and cater to a broader customer base. By offering insured products, Tawuniya empowers individuals across every segment to embrace a positive savings culture.”
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