Waada, a leading Pakistani insurtech startup, has announced that it has received the initial approval for its Managing General Agent (MGA) license from the insurance regulator in the Kingdom of Saudi Arabia. This milestone makes Waada the second MGA licensed in Saudi Arabia and the first Pakistani company ever to receive initial regulatory approval for any financial services license in the Kingdom. This achievement marks a significant leap not only in the company’s journey but also in strengthening the bilateral innovation ties between Pakistan and Saudi Arabia.
The announcement was made on stage during the MENA InsurTech Summit 2025 in Doha, where Waada was joined by its global and regional partners and investors, including Qatar Insurance Group, Joa Capital, Gobi Partners, MIC Global, and others. This marks a critical point of expansion for Waada as it sets its sights on broadening operations across the GCC.
Waada’s business model is centered around delivering Shariah-compliant, fully digital insurance products with a specific focus on life, savings, and retirement solutions for underserved and emerging consumer segments. With the support of the newly established Saudi Insurance Authority, the company is now positioned to bring innovation to the Kingdom’s insurance landscape while keeping national interest at the core of its mission.
According to Shahzaib Awan, the Founder and CEO of Waada, the approval represents a significant chapter for both the company and Pakistani fintech innovation on the global stage. He expressed gratitude to several key stakeholders including Pakistan’s Securities and Exchange Commission (SECP), Waada’s internal team, and global advisors and supporters such as Syed Fakhar-i-Alam, Shahryar Khan, and Lara Varjabedian. Special appreciation was also extended to Saudi-based figures and organizations including Eyad Albayouk, CPA, CFA, Flat6Labs, and the Misk Foundation, who were instrumental in facilitating Waada’s entry and navigation through the regulatory corridors in Saudi Arabia.
Awan also highlighted the progressive and inclusive environment fostered by the newly formed Saudi Insurance Authority. He noted the remarkable speed of the regulator’s transition and its openness to new ideas and technology, which has helped generate increased interest in the insurtech space from both local and international players. Special mention was given to Rashed Alqhtany from the Authority for his guidance throughout the application process.
In line with its long-term vision, Waada aims not to disrupt the existing insurance industry but to contribute to its growth. The company plans to increase insurance penetration in Saudi Arabia by introducing new distribution models and digital technologies while focusing on non-mandatory products such as life and retirement insurance. Awan affirmed the company’s commitment to localizing its operations and announced that while its current holding company is based in Singapore, Waada plans to relocate its headquarters to Saudi Arabia in the near future.
As Waada prepares for the issuance of its full commercial license and its first policy sale in the Kingdom within 2025, the company anticipates a series of key announcements in the coming weeks. This development underscores the growing role of Pakistani fintech startups on the international stage and highlights Saudi Arabia’s growing appetite for innovative insurance solutions.
This regulatory milestone signals a new era of regional collaboration and innovation in the insurance space, as Waada emerges as a pioneering force in connecting Pakistani technological capabilities with Saudi Arabia’s evolving financial ecosystem.
