SEED Group partners with ABAKA to bring the AI-powered platform to the UAE

Source: IBS Intelligence 2020-07-22

SEED Group, a subsidiary company of The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, announced its partnership with London-based ABAKA, a digital saving and retirement enterprise SaaS solutions provider. The collaboration 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.

“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,” Fahd Rachidy, founder and CEO of ABAKA enthused. “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 saving and retirement sector faces a huge challenge to produce better outcomes for workers who constantly have to keep up with their savings when there are still limited financial options. To tackle this issue ABAKA’s AI-driven platform was developed.

“The utilization of artificial intelligence in the UAE is one thing, financial planning is another,” Hisham Al Gurg, CEO of SEED Group and The Private Office of Sheikh Saeed bin Ahmed Al Maktoum enunciated. “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.”

In December 2019, ABAKA raised $6.5M in its Series A funding round from Thames Trust, Ace&Co, and Downing Ventures. To date, the company has raised a total of $10 million in investments in the space of saving and retirement technology. The company 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).

SEED Group

ABAKA

SEED Group partners with ABAKA to bring the AI-powered platform to the UAE

Subscribe to Our Newsletter!

Subscribe to Our Newsletter!