Saudi Arabia: Tawuniya signed 15 FinTech deals to boost InsurTech

Source: Middle East Insurance Review | Oct 2024

The Company for Cooperative Insurance (Tawuniya), one of Saudi Arabia’s largest insurers signed several new agreements at a fintech event in Riyadh.

The company was investing “left, right, and centre, within a given strategy that can mainly complement what it wants to achieve”, Tawuniya CEO Othman Al-Kassabi told Arab News on the sidelines of the 24FinTech Conference which ran from 3-5 September.

“We are an insurance company that has plans to penetrate the digital era,” he said.

“You cannot ignore today that technology is enabling the markets to achieve. Today, the market size is around SAR65bn ($17.3bn) and 16% of these transactions happen on digital platforms,” he said.

Among the companies that Tawuniya has signed agreements with recently includingat the 24FinTech conference are Hakbah, a Saudi-based fintech savings platform, Abyan, a robo-advisory company and Syarah, an online car e-commerce platform. M

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