Saudi Arabia-based various financial savings app Hakbah has raised $1.2 million in a seed spherical.
Hakbah goals to “modernise and ease” financial savings for its customers in a “dependable, trusted, and simple method”.
The beginning-up obtained approval from Saudi Central Financial institution (previously Saudi Arabian Financial Authority, SAMA) in 2020 to check its product in a regulatory sandbox. A July 2020 business launch adopted.
Since then, the agency claims to have accrued greater than 5,000 customers representing 25 completely different nationalities.
The app says it bases its operations across the Arabic phrase “jamiya”, which means neighborhood, household, or gathering.
Hakbah presents customers the power to mixture their accounts throughout a number of completely different banks. It allows customers to ask family and friends members right into a neighborhood to share financial savings.
The agency has partnerships with Al Rayan Banks, Aldukheil Monetary Group, and Visa – the latter for card issuance.
Open banking and aggregation is on the prime of the agenda for SAMA. It printed plans to go live with open banking throughout the nation in 2022.
The central financial institution is now getting into into the design part, which it says will take up the primary half of 2021. Within the second half of this 12 months, it plans to implement open banking.
In accordance with this timeline, SAMA is assured it might probably go stay with open banking throughout the dominion by mid-next 12 months.