Hakbah, the Saudi-based fintech savings platform, announces a new agreement with The Saudi Institute of Internal Auditors to enhance the development of internal auditing systems, governance, and oversight within financial technologies, at 24Fintech in Riyadh.
Under this agreement, Hakbah and The Saudi Institute of Internal Auditors will exchange information and updates on professional standards and scientific references, facilitating specialised internal audit studies as well as research on relevant systems, regulations, and discussion panels.
The announcement aligns perfectly with Hakbah’s strategy to shape alliances and strategic partnerships with industry leaders, delivering superior services at an affordable cost.
Naif AbuSaida, Founder of Hakbah, expressed his excitement about the agreement, stating:
“We are excited to partner with The Saudi Institute of Internal Auditors to develop the methods of applying the internal auditing profession in KSA. Hakbah takes pride in its commitment to savings, driven by cutting-edge savings-engine technology. We are keen to enhance professional awareness, promote transparency in auditing, and improve performance in both public and private sector organisations.”
Abdulaziz bin Mohammed Al-Habas, the Executive Vice President of The Saudi Institute of Internal Auditors, commented:
“The agreement is part of a collaborative effort between the Saudi Institute of Internal Auditors and Hakbah to strengthen cooperation in the oversight field, particularly in internal auditing through governance, compliance, and risk mitigation.”
He also pointed out that “the association aims, through agreements and memorandums signed with private entities, to raise awareness of the profession and to activate the association’s role in developing and empowering professionals in this field.”
The Saudi Institute of Internal Auditors, established in 2011, is a professional and recognised non-profit organisation in the auditing sector. Affiliated with The Institute of Internal Auditors (IIA) and overseen locally by the General Court of Audit, the institute plays a key role in advancing the internal auditing profession in Saudi Arabia.
Hakbah’s approach effectively tackles the savings challenges prevalent in the Middle East. By addressing this, Hakbah aligns seamlessly with the strategic goals in ‘Saudi Vision 2030’ and will play a pivotal role in increasing savings to reach Saudi Arabia’s Financial Sector Development Program goals. With 70% of Saudi citizens needing more emergency savings and the household savings rate averaging a mere 1.6%, Hakbah’s innovative model aims for a meaningful lasting impact.
Hakbah is a rapidly growing fintech startup in the MENA region, actively participating in Saudi Arabia’s robust $20.5 billion household savings market. The company has surpassed its total revenue for 2023 in just the first half of this year, demonstrating impressive growth. With a user base of over 750,000 customers and strategic partnerships with prominent institutions like Riyad Bank, Fransi Bank, ANB, flynas, and Tawuniya, Hakbah is well-positioned to continue its upward trajectory.
