Financial Technology and Insurance Merge in Saudi Arabia, as Discussed at FF Virtual Arena Event #336, according to Hakbah Report
In the heart of the Middle East, Saudi Arabia is making waves in the fintech world, leading the MENA region in startup funding activity and deal volume. This dynamic environment is a testament to the kingdom's rapid development pace and strong government support, as outlined in the Vision 2030 reforms [1][3].
One fintech startup, Hakbah, is making a significant impact within this thriving ecosystem. This innovative company is focused on promoting financial inclusion by modernising traditional savings methods, particularly the collective savings practice known as ROSCA [2][4].
Hakbah's mobile app offers an intelligent, comprehensive solution that enables savings groups to initiate, manage, join, and make payments. This approach resonates strongly with the cultural practices around collective saving, adapting them with modern digital tools [2][4]. The company's CEO, Naif AbuSaida, is leading the charge in helping the underbanked, including housewives, students, and gig workers, by accepting anyone with income and providing personalised savings plans [2].
Hakbah's innovative approach has not gone unnoticed. The startup has partnered with Tawuniya, one of Saudi Arabia's largest insurance companies, driving innovation in the financial sector [2]. The partnership has seen Hakbah incorporate life insurance into their savings groups, providing free coverage for users during the savings period [2].
As Hakbah continues to grow, it has its sights set on global expansion. The company is eyeing markets like India, Latin America, and Southern China, hoping to bring its unique approach to savings and financial inclusion to a broader audience [2].
Despite the strong focus on digital innovation, it's important to remember that Hakbah is rooted in cultural traditions. Historically, Saudis relied on free healthcare and strong family networks as a safety net, which discouraged long-term savings [4]. However, Hakbah's platform is helping to change this narrative, with users often developing a sustainable savings habit after completing three cycles of the group savings process [2].
Saudi Arabia's advanced digital infrastructure, coupled with the government's commitment to fostering a vibrant fintech ecosystem, creates an ideal environment for companies like Hakbah to scale and innovate, both within and outside the kingdom [1][3]. As the financial sector in Saudi Arabia undergoes significant changes, it's clear that fintech startups will play a central role in shaping the future of the industry.
Sources: [1] Arab News, "Saudi Arabia leads MENA region in startup funding activity," (2025). [2] Forbes Middle East, "Interview: Hakbah's Naif AbuSaida on the evolving financial landscape in Saudi Arabia," (2025). [3] TechCrunch, "Saudi Arabia's fintech startups attract $860 million in VC funding in H1 2025," (2025). [4] The National, "How Hakbah is modernising collective savings in Saudi Arabia," (2023).
- The fintech startup Hakbah, which is based on ffnews.com, is making waves in Saudi Arabia by promoting financial inclusion and modernizing traditional savings methods, partnering with major insurance companies like Tawuniya to drive innovation in the finance industry.
- With a focus on global expansion, Hakbah seeks to bring its innovative approach to savings and financial inclusion to markets like India, Latin America, and Southern China, capitalizing on Saudi Arabia's advanced digital infrastructure and the government's commitment to fostering a vibrant fintech industry in the business realm of the MENA region.
