The Hakbah app and digital platform was designed to make it fast, easy and safe for residents to participate in and benefit from Jameya group savings programs, a traditional and culturally important practice that helps individuals and families increase savings habits as well as answer short special needs.

Hakbah, which is permitted by the Saudi Central Bank (SAMA) and operates within the Regulatory Sandbox, has surpassed more than 1.3 million registered users with more than 70 percent coming from a youth population that needs assistance building positive savings habits. Hakbah customers have reported using the fintech app to enable them to save for life-changing needs for themselves and their families that they previously couldn’t afford. This includes things like paying for critical medical care, fertility treatments to start a family, wedding expenses, travel expense, university tuition and small projects.

Naif AbuSaida, Hakbah Founder, said that bringing the social savings concept into the AI and digital age creates a far more practical and applicable new social savings culture while preserving the core purpose and cultural heritage of the social savings practice. He said that while supporting short financial needs, Hakbah helps build new savings habits among its users that have long-term benefit for them and their families while contributing to the financial stability of communities across the country.

Naif AbuSaida said: “We greatly appreciate that such a highly respected international business organization like CNBC is recognizing the unique model we’ve created that marries the power of social savings and the Jameya concept to make a real and lasting impact on people’s lives. What’s equally important is that this is a validation of the Saudi Arabia and SAMA strategy to promote the creation of an ecosystem across the national financial community that encourages collaboration and partnership to help increase savings across all segments of the population as a high priority strategic goal in alignment with Saudi Vision 2030.”

Hakbah has established a range of strategic partnerships under this national vision with organizations including Riyad Bank, Fransi Bank, ANB, Alrajhi Bank, flynas and Tawuniya, the country’s leading national insurance company that supports Hakbah users by providing life insurance throughout the term of their Jameya.

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The event gathered senior institutional investors, financial market stakeholders, and representatives from both firms to explore the transformative potential of fintech-originated private credit as a new frontier in the Saudi investment landscape.

Commenting on the event, Ahmed Saud Ghouth, CEO of Alkhabeer Capital, stated: “Saudi Arabia’s investment landscape is undergoing rapid transformation, driven by digitalization, innovation, and a push for diversified capital formation. Our partnership with Fasanara Capital reflects a shared ambition to pioneer new asset classes that respond to the evolving needs of investors and align with the objectives of Vision 2030. The signing of this MoU is a key milestone in our joint mission to unlock fintech private credit opportunities in the Kingdom.”

Francesco Filia, Founder & Chief Executive Officer, Fasanara Capital said: “We are excited to partner with Alkhabeer Capital to introduce fintech-originated private credit to the Saudi market. This collaboration represents a significant step toward building a more inclusive and technologically advanced financial ecosystem. By leveraging data-driven lending models and next-generation credit infrastructure, we aim to deliver scalable, transparent, and risk-conscious solutions that address the growing demand for alternative fixed-income strategies in the Kingdom”.

The event featured insights into global trends in alternative credit markets, showcasing how fintech is reshaping private credit through more efficient, scalable, and transparent investment models. Presentations highlighted the structure and investment mechanics of fintech-originated credit and how these models can deliver compelling risk-adjusted returns while meeting demand for diversified, income-generating strategies.

Alkhabeer Capital is one of the leading capital market institutions in Saudi Arabia, authorized by the Capital Market Authority under License No. 07074-37 and headquartered in Jeddah, Kingdom of Saudi Arabia, with a branch in Riyadh. The Company provides innovative world-class investment products and solutions in private equity, financial markets, and real estate investments, in addition to offering investment banking and brokerage services.

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Through this collaboration, EazyPay will serve as Tamara’s local acquirer and provide advanced payment gateway services, enabling secure, seamless, and efficient transaction processing across Tamara’s expanding network of merchants and customers in the Gulf.
The partnership was formalized during a signing ceremony held on Wednesday, 25 June 2025, underscoring both companies’ commitment to advancing the region’s digital payments infrastructure.

Nayef Tawfiq Al Alawi, Founder & CEO of EazyPay, commented: “Tamara has rapidly become a key player in how consumers across the region choose to pay—particularly with the rise of BNPL models. By supporting their platform with our payment gateway services, we’re enabling a smoother, faster, and more reliable experience for merchants and customers alike. It’s a strong example of how fintech collaboration can deliver real value to the market.”

Faris Al-Obaid, CEO and Vice Chairman of Tamara Bahrain B.S.C., added: “We are absolutely thrilled to announce our strategic partnership with EazyPay in Bahrain, marking a pivotal moment for Tamara’s expansion in the MENA region. EazyPay, a leader in payment solutions, will not only serve as our local acquirer but also as a key strategic partner for our growing operations in Bahrain. This collaboration is a testament to our commitment to enhancing our service offering and delivering a seamless, elevated experience to our customers. We are confident that EazyPay’s local expertise and strong infrastructure will help us achieve our shared goals and promote financial inclusivity in the Kingdom.”

This strategic alliance also reflects EazyPay’s continued efforts to drive innovation and foster collaboration within the regional fintech ecosystem. As a homegrown Bahraini fintech leader, EazyPay remains committed to forging strong partnerships that support the wider digital transformation agenda shaping the future of commerce in the GCC.

By combining Tamara’s innovative consumer payment experience with EazyPay’s proven technology infrastructure, this partnership is set to elevate the digital commerce experience across the Gulf, creating greater value and convenience for businesses and consumers alike.

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Tarmeez Capital, licensed by the Capital Market Authority (CMA), provides end-to-end digital financing services for companies across various sectors. Its Sharia-compliant sukuk products are accessible to both institutional and retail investors. To date, the Company has facilitated over SAR 2 billion in financing programs and has opened access to over 180,000 users. Over the last year alone, it has grown sukuk issuances by 459 percent. Through leveraging technology, Tarmeez Capital seamlessly connects finance-seeking businesses with purpose-driven investors. The Company’s proprietary technology and data analytics enable them to streamline Sukuk issuance seven times faster than other traditional channels benefiting businesses and investors alike.

The investment comes at a time of rapid expansion in Saudi Arabia’s corporate debt market, which reached SAR 140 billion in 2024. Issuances via CMA-licensed digital platforms surged to SAR 3.5 billion, up 127.36% year-on-year, with the number of issuances rising to 4,527, a 317.62% increase from 2023. stc group’s backing is expected to support Tarmeez Capital’s continued growth, helping it scale its offering and deliver cutting-edge financial solutions across the market.

Majed Al Jarboua, General Manager of Corporate Fund and Entrepreneurship at stc group, stated: “Tarmeez Capital is gaining ground in a sector that’s becoming central to how companies access capital in Saudi Arabia. stc group is proud to back a homegrown fintech pushing the boundaries of digital finance. This investment marks a strategic step in scaling the next generation of financial infrastructure.” Nasser Al-Saadoun, Founder and CEO of Tarmeez Capital, commented: “This investment marks a pivotal milestone for Tarmeez Capital as we scale our offerings in the sukuk and debt market. We’re glad to partner with stc group, whose vision aligns with ours in advancing innovative, Sharia-compliant financial solutions. We’re also grateful to the Capital Market Authority for fostering an environment where fintechs can thrive, and to our exceptional team for their continued dedication and drive.”

In construction and industrial services, Red Sea International has accessed Sharia-compliant capital via Tarmeez to fulfil contracts for Baker Hughes and Red Sea Global. The funds support the design and deployment of prefabricated facilities critical to the Eastern Region’s infrastructure buildout. “Tarmeez’s digital issuance model and access to flexible, diverse funding sources enabled us to mobilise quickly and meet tight project timelines while maintaining our regulatory obligations,” as stated by Ghassan Alashkar, Acting CEO of Red Sea International. In housing and urban development, RASF Real Estate Development is deploying sukuk financing for the Deem project in Al Khobar, a contemporary townhouse complex aimed at the Kingdom’s growing middle class. “Flexible, fast access to capital means we can respond to housing demand in real time,” said Ahmed Al Sayyari, CEO of RASF. “This model allows us to focus on delivering communities that reflect the lifestyle aspirations of today’s Saudis.”

By opening sukuk to retail investors, Tarmeez Capital is making ethical, Sharia-compliant finance more accessible. This aligns with growing demand for ESG-aligned investments, particularly among younger and underserved investors, and supports Saudi Arabia’s Vision 2030 goals for financial inclusion and sustainable growth.

“Tarmeez Capital is positioned to play a leading role in the Kingdom’s journey to expand the sukuk and debt market to SAR 954 billion by 2030. Looking ahead, our focus is on scaling our platform, deepening market participation, and contributing to the Kingdom’s vision of a dynamic, inclusive, and globally competitive financial sector.”, Nasser Al-Saadoun, Founder and CEO of Tarmeez Capital, added.

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The number of active blockchain business records rose to 4,005, up from 2,644 in the same period last year, as the Kingdom continues its push to diversify the economy and foster technological innovation under Vision 2030.

Riyadh led all regions with 2,463 registered businesses, followed by Makkah with 806, the Eastern Province with 430, Madinah with 104, and Al-Qassim with 51.

The Ministry of Commerce said the growth reflects rising interest among entrepreneurs and firms in adopting advanced digital solutions, and shows growing confidence in Saudi Arabia’s regulatory frameworks and infrastructure for emerging technologies like blockchain.

The Kingdom has positioned itself as a regional hub for technology and innovation, with increased support for fintech, AI, and blockchain as part of broader digital transformation goals.

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