A fast growing fintech company in Saudi Arabia, Halalah, has changed its brand name to Hala, in a move to reintroduce its financial services in the Kingdom and grow regionally with a spectrum of digital banking services.

An early industry entrant, Halalah started operations in 2018, and in 2019 acquired a sandbox license to offer its services, before becoming one of the first fintech companies in Saudi Arabia to be fully regulated by the Saudi Arabian Monetary Authority (SAMA) in 2020.

“We aim to redefine the concept of digital banking in the region,” said Esam Al-Nahdi, founder and CEO. “Accordingly, this rebranding took place as we want to be more accessible and friendlier to our customers in the Kingdom and the region.”

The choice of the new name came after “a thorough rebranding exercise that redefined the company’s brand and product strategy, as it plans to swiftly roll out a set of services that will reflect its customer-centric proposition and values,” Al-Nahdi added.

Starting in Saudi Arabia with clear ambitions for the regional fintech market, the company was licensed in the UAE in 2017 by the FSRA’s Fintech RegLab in Abu Dhabi Global Market (ADGM), before coming back to the Kingdom to kick-start its operations in November 2018.

“With its new operating model, and robust infrastructure and product engine, Hala is now in the right position to cater to the needs of the new generation of customers. Coupled with its strategic partnerships with different major industry players, the company is in the right position to achieve its local, regional and global plans,” said Maher Loubieh, co-founder and chief strategy officer.

Al-Nahdi said that under the new name, Hala’s next milestone is to relaunch its proposition with a new set of financial services that will reflect its strategy and ambitions.