Riyadh 11 Feb 2025:
The Company for Cooperative Insurance (Tawuniya), the largest insurance company in MENA, today announced a strategic partnership with MoneyHash, the Middle East and Africa’s leading payment orchestration platform, at LEAP 2025 in Riyadh.
This collaboration aims to optimize Tawuniya’s payment performance, deliver a seamless customer experience, and empower the company to stay ahead of the curve with next-generation payment solutions.
Optimizing for the Future
Through this partnership, Tawuniya leverages MoneyHash’s innovative payment orchestration platform to streamline its payment infrastructure. This collaboration will enable Tawuniya to:
● Enhance Payment Performance: By integrating with a diverse range of payment methods and optimizing routing, MoneyHash will help Tawuniya increase payment success rates and reduce processing times.
● Deliver a Superior Customer Experience: 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 personalized payment options.
● Embrace Next-Gen Payment Solutions: MoneyHash’s cutting-edge technology positions Tawuniya at the forefront of the insurance industry’s digital transformation journey.
A Commitment to Innovation
“Tawuniya is committed to embracing advanced technologies that enhance our customer experience and operational efficiency,” said Abdullah Alsharqi, CTO of Tawuniya. “We are delighted to announce this partnership with MoneyHash at the dynamic LEAP 2025 conference. 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.”
Setting a New Benchmark
“We are thrilled to partner with Tawuniya, a leading insurance provider in the region, at this year’s LEAP conference,” said Nader Abdelrazik, co-founder and CEO of MoneyHash.
“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.”
Powering Saudi Arabia’s Insurance Revolution
As Saudi Arabia’s insurance sector continues its remarkable growth trajectory, with gross written premiums reaching SAR 65.5 billion ($17.5 billion) in 2023 and projected to exceed SAR 83.5 billion ($22.3 billion) by 2028, the industry stands as a crucial pillar in achieving Vision 2030’s financial sector development goals. With insurance penetration in the Kingdom currently at 1.28% of GDP in 2022 and targeted to reach 4.3% of non-oil GDP by 2030, digital transformation has become a key driver for market expansion and operational excellence. This sector’s evolution aligns with Vision 2030’s objectives to strengthen the digital infrastructure of the financial services sector, as evidenced by Saudi Arabia securing the second spot among G20 nations in the 2021 Digital Competitiveness and Progress report.
