Hakbah, the country’s foremost decentralized savings platform, has entered into a strategic partnership with Tarabut, the leading open banking platform in the MENA region. This collaboration marks a pivotal moment for Hakbah, streamlining operations and enhancing customer experience. Leveraging Tarabut’s cutting-edge open banking connectivity platform, Hakbah is set to simplify onboarding processes, optimize data processing, and significantly reduce operational costs by 40%. These advancements align seamlessly with Hakbah’s commitment to offering top-notch services at an affordable cost.
Transformative Benefits of the Hakbah-Tarabut Partnership
In the wake of this strategic alliance, Hakbah is poised to experience a paradigm shift in its operational landscape. Hakbah has recently successfully closed a noteworthy $5.1 million Series A funding round. The collaboration with Tarabut not only accelerates onboarding procedures but also incorporates advanced data processing mechanisms, promising a 40% reduction in processing time. These enhancements not only bolster the efficiency of Hakbah’s services but also open avenues for innovation. Tarabut’s open banking connectivity platform empowers Hakbah to tailor solutions that address both current and future customer needs, further solidifying its position as a leader in the Saudi fintech ecosystem.
Naif AbuSaida, The Founder of Hakbah, commented:“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.”
Abdulla Almoayed, CEO and Founder of Tarabut, commented:”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.”
To know more about other trending usecases in the US financial services industry, like Generative AI, Open Banking, Buy Now Pay Later (BNPL), explore our other insights.
—————————————————————————————————
About Innovation Streets:
Welcome to InnovationStreets.com! Get the latest insights from the finance and technology industries. Discover industry updates on Fintech Innovations, Regulatory Developments, Industry Insights, Events, and Banks/Insurance partnerships with fintechs. A platform for C-level executives to submit Thought Leadership content for their peers. Subscribe for updates!
