SEED Group partners with ABAKA to bring the world’s first AI-powered digital saving and retirement platform to the UAE
- Artificial Intelligence , Banking , SaaS
- 21.07.2020 01:02 pm
SEED Group, a subsidiary company of The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, today announced a strategic partnership with ABAKA, the global leader in digital saving and retirement enterprise SaaS solutions, that will allow United Arab Emirates (UAE) financial institutions to integrate ABAKA’s Artificial Financial Intelligence™ technology platform into their core business processes to digitize customer experience, and improve financial education, saving and retirement planning for its residents and citizens.
Considering the huge challenge that the saving and retirement sector faces to produce better outcomes for workers who constantly have to keep up with their savings when there are still limited financial options, ABAKA is the world’s first AI-driven platform that has been developed.
ABAKA streamlines its digital services through AI technology. ABAKA has built the economy applications and seamless data exchange platform enabling FIs to access customer data, build insights and intelligence through conversational AI and hyper-personalised behavioural nudges. It provides digital solutions covering retirement (accumulation, at-retirement and decumulation), banking (PFM, digital savings), wealth and advisory (goal-based investing, data aggregation, advisor lead generation tools and business process automation).
“We are honoured to confirm our new strategic partnership with SEED Group and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum to bring our AI-powered digital solutions to the UAE for the first time,” said Fahd Rachidy, founder and CEO of ABAKA. “The UAE is facing the same saving and retirement challenge as many countries around the world: consumers are not saving enough, most do not have a clear financial plan for later life and many cannot access financial advice. SEED Group shares our vision to help engage more people in financial planning and enable everyone to have a financially secure future. We’re delighted to be working with them towards achieving this goal.”
The National Bonds Corporation's 2018 Savings Index reveals that more than eight out of 10 people in the UAE claim that they are not saving enough for themselves. With support from the UAE government for the development of initiatives for the "responsible and efficient" adoption of AI in the private sector, as evidenced by the UAE AI strategy, and the launch of the Think AI program in 2019, ABAKA is the leading answer to help everyone make more informed decisions with their finances.
“The utilization of artificial intelligence in the UAE is one thing, financial planning is another,” said Hisham Al Gurg, CEO of SEED Group and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum. “More than 200 nationalities live in the UAE, but the majority still are almost clueless about planning their retirement. We are confident that through ABAKA’s lead in this regard, the numbers will improve over the next few years, and we are very excited about being part of this mission and helping everyone, citizens and residents, achieve their long-term financial objectives.”
Not so long ago, in December 2019, ABAKA raised $6.5M in Series A funding round from Thames Trust, Ace&Co, and Downing Ventures. To date, the London-based company has raised a total of $10 million in investments, one of the biggest and notable investments in the space of saving and retirement technology.