News
Saudi Arabian Fintech Hakbah Partners With Tawuniya Insurance
The duo plans to revolutionize financial savings in the Kingdom while revealing an extensive life insurance coverage plan for Hakbah members.
Saudi fintech savings platform Hakbah has announced a revolutionary partnership with national insurance company Tawuniya at 24Fintech in Riyadh.
The strategic alliance will shake up the financial savings landscape in Saudi Arabia and address a significant gap in the market by offering Hakbah customers comprehensive life insurance during their Jameya time.
Key benefits will include:
- Extensive insurance coverage, including Death of Any Cause (DAC) to Passive War Risk (PWR).
- Enhanced financial security that lets customers focus on saving without worry.
- Alignment with Saudi Arabia’s Vision 2030 to support the government’s goal of boosting savings rates and promoting financial inclusion.
Hakbah founder Naif AbuSaida has expressed his enthusiasm for the collaboration, stating:
“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. 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, added:
“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 […] 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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With around 70% of Saudi citizens requiring more emergency savings and household savings rates averaging just 1.6%, Hakbah hopes to make a lasting impact on this $20.5 billion market. The company is growing rapidly and has already exceeded its total revenue for 2023 in the first half of 2024. With a user base of 750,000+ and strategic partnerships with Riyad Bank, Fransi Bank, ANB, flynas, and Tawuniya, Hakbah is now extremely well-positioned to continue its impressive growth.
News
Tech Startup Foodics Offers Smarter Restaurant Management
The Saudi company’s innovative solutions optimize restaurant operations, from ordering to payments, delivery, and more.
Foodics, a prominent player in the MENA restaurant management landscape, is transforming the food and beverage industry through its comprehensive, in-house developed Restaurant Management System (RMS).
Known for its strong presence within Saudi Arabia’s thriving startup ecosystem, Foodics already serves customers in over 35 countries. The company provides innovative hardware and software solutions designed to help restaurant owners optimize their operations.
Currently, Foodics offers more than 100 apps that seamlessly integrate into restaurant operations. These tools cover everything from front-of-house management and data collection to inventory tracking, menu creation, delivery coordination, and more.
To further simplify customer ordering and payments, Foodics offers various specialized solutions. These include Foodics Online, a commission-free online ordering platform; Foodics Pay, which streamlines payment processes; Foodics Kiosk, a self-ordering and checkout system; Foodics Marketplace, a platform that partners with over 100 third-party apps for easy integration; and Foodics Accounting, a smart financial management tool designed to simplify accounting tasks.
“We sensed a lack of digitalization across the Saudi food and beverage sector in 2014, especially in the ordering process, including restaurants that were facing operational challenges. This inspired us to develop a fully integrated ecosystem to support the industry as we wanted to bring new technologies that change and enhance how people interact and connect with their favorite food brands,” comments Ahmad Al-Zaini, CEO and co-founder of Foodics.
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Today, more than 30,000 food and beverage outlets use the company’s services. In the UAE alone, approximately 1,850 restaurants rely on Foodics, with over 60% of these establishments having been clients for more than two years.
By focusing on creating efficiency and convenience, Foodics has had a significant impact on the Middle Eastern F&B sector. Their solutions have redefined the dining experience, from the moment customers place an order until the food is delivered to their table or doorstep.
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