Riyadh, Saudi Arabia – In a significant development at the 24Fintech event, Hakbah, the leading Saudi-based fintech savings platform, has announced a landmark agreement with The Saudi Institute of Internal Auditors. This collaboration aims to enhance internal auditing systems, governance, and oversight within the financial technologies sector.
Under the agreement, Hakbah and The Saudi Institute of Internal Auditors will work together to exchange information on professional standards, scientific research, and updates on regulatory frameworks. This partnership will facilitate specialized internal audit studies and foster research on key regulatory systems, bolstered by discussion panels focusing on audit methodologies.
This initiative aligns with Hakbah’s broader strategy of forming strategic alliances with industry leaders to deliver premium services at affordable rates. The move marks a crucial step in Hakbah’s commitment to contributing to the financial sector’s development, in line with Saudi Vision 2030.
Naif AbuSaida, Founder of Hakbah, expressed enthusiasm for the collaboration, stating:
“We are thrilled to partner with The Saudi Institute of Internal Auditors. This agreement highlights our commitment to promoting transparency in auditing, enhancing professional awareness, and improving the performance of both public and private sector organizations. Hakbah is driven by our cutting-edge savings-engine technology, and this partnership will further bolster our efforts in transforming the savings landscape in Saudi Arabia.”
Abdulaziz bin Mohammed Al-Habas, Executive Vice President of The Saudi Institute of Internal Auditors, commented on the importance of the collaboration:
“Our agreement with Hakbah represents a vital step in strengthening cooperation in internal auditing. It is part of a broader effort to promote governance, compliance, and risk mitigation in financial technologies. Through such partnerships, we aim to elevate the profession and empower professionals in this essential field.”
Founded in 2011, The Saudi Institute of Internal Auditors is a key player in the auditing sector, recognized as a non-profit affiliate of The Institute of Internal Auditors (IIA). The institute is overseen by the General Court of Audit and plays a pivotal role in advancing the auditing profession across Saudi Arabia.
Hakbah’s Growth and Vision
Hakbah’s innovative approach is designed to tackle the savings challenges prevalent across the Middle East. By focusing on this critical issue, Hakbah is closely aligned with the goals of Saudi Vision 2030, particularly the Financial Sector Development Program, which aims to significantly increase household savings. With 70% of Saudi citizens needing better emergency savings solutions and a household savings rate of just 1.6%, Hakbah’s model seeks to create a lasting and meaningful impact.
Hakbah’s performance in 2024 has been remarkable, with the company surpassing its total revenue for the previous year within the first half of the year. The platform boasts a rapidly growing user base of over 750,000 customers and has established strategic partnerships with several key institutions, including Riyad Bank, Fransi Bank, ANB, flynas, and Tawuniya. These alliances, combined with Hakbah’s innovative savings technology, position the company for continued success in Saudi Arabia’s $20.5 billion household savings market.
About Hakbah
Hakbah is a cutting-edge savings platform that offers users seamless access to funds through social savings mechanisms. By providing accessible savings solutions, particularly for the underbanked, Hakbah empowers individuals to take control of their financial futures. With approval from the Saudi Central Bank (SAMA) to operate within the Regulatory Sandbox environment, Hakbah continues to innovate and expand its services. The company has raised US$9 million to date, including its most recent Series A funding round.
About The Saudi Institute of Internal Auditors
Established in 2011 under the Council of Ministers’ resolution, The Saudi Institute of Internal Auditors is a non-profit organization affiliated with The Institute of Internal Auditors (IIA). The institute is responsible for promoting and advancing the internal auditing profession across Saudi Arabia, under the local supervision of the General Court of Audit.
For more information about Hakbah, visit www.hakbah.com.
