Riyadh – Mubasher: The Company for Cooperative Insurance (Tawuniya) has entered into a strategic partnership with Egyptian fintech MoneyHash at the LEAP 2025 in the capital of Saudi Arabia.
The collaboration aims to optimise Tawuniya’s payment performance, deliver a seamless customer experience, and empower the company to stay ahead of the curve with next-generation payment solutions, according to a press release.
Moreover, Tawuniya will leverage MoneyHash’s innovative payment orchestration platform through this partnership to streamline its payment infrastructure.
The collaboration will further enable Tawuniya to enhance payment performance by integrating with a diverse range of payment methods and optimising routing. MoneyHash will help Tawuniya increase payment success rates and reduce processing times.
In addition, MoneyHash will enable Tawuniya to offer a seamless and convenient payment experience to its customers through features such as one-click payments, flexible payment schedules, and personalised payment options.
CTO of Tawuniya, Abdullah Alsharqi, said: “Tawuniya is committed to embracing advanced technologies that enhance our customer experience and operational efficiency. We are delighted to announce this partnership with MoneyHash at the dynamic LEAP 2025 conference.”
Alsharqi noted: “This collaboration aligns perfectly with our vision for the future, and we are confident that this partnership will empower us to deliver exceptional value to our customers."
From his part, Co-founder and CEO of MoneyHash, Nader Abdelrazik, stated: “This collaboration signifies a significant step forward in transforming the insurance payment landscape in Saudi Arabia. Together, we aim to set a new benchmark for innovation and customer centricity.”
As Saudi Arabia's insurance sector continues its remarkable growth trajectory, with gross written premiums reaching SAR 65.50 billion, equivalent to $17.50 billion, in 2023 and projected to exceed SAR 83.50 billion ($22.30 billion) by 2028, the industry stands as a crucial pillar in achieving Vision 2030's financial sector development goals.
During the leading tech event, Abdullah Al Swaha, Saudi Minister of Communications and Information Technology, stated that the Kingdom acquires 50% of the region’s digital economy, which hiked by 73% to reach $260 billion.
Meanwhile, the Egyptian fintech MoneyHashas raised $4.50 million in a Seed funding round led by COTU Ventures and Sukna Ventures, with the participation of RZM Investment, Dubai Future District Fund (DFDF), VentureFriends, and angel investors in 2024.
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