The American University in Cairo (AUC) and Fintech Robos, the Bahrain-based provider of savings and pensions technology, have signed a long-term partnership this week aiming to enhance financial awareness through research, behavioural economics education, and savings and investments workshops across the Arab world.
The partnership is about joining the forces of AUC’s pioneering research capacity in behavioural economics and Fintech Robos’ strong regional outreach and focus on personal savings and investment solutions, to enable a more effective reach to communities on understanding personal finance and how they think and make financial decisions.
The MoU between the two institutions was signed at the AUC campus by Prof. Ehab Abdel-Rahman, Provost of the American University in Cairo and Ebrahim K Ebrahim, CEO of Fintech Robos in the presence of deans and faculty from Business and Science colleges.
The Behavioural Economics Decision-Making Lab (BEDMLab) at AUC and Fintech Robos embarked on a formal collaboration spanning various domains, aiming to synergize the strengths and expertise of both organisations to reach new heights and expanded footprint.
BEDMLab specialises in quantitative research and behavioral economic analysis and interventions, while Fintech Robos brings considerable experience in digital solutions for savings and investments and regional connections within the savings and financial literacy ecosystem.
Jointly, they will host workshops and conferences to raise awareness of behavioral insights and innovations within the personal savings and investment sector, covering Arabian Gulf and the broader Arab world. Another facet of this collaboration involves implementing and designing prototypes that incorporate behavioral insights into savings and investment products and services.
The AUC’s BEDMLab and Fintech Robos envision creating a collaborative environment that fosters innovation, research, and awareness at the intersection of behavioral sciences and fintech for savings and investments, tailored to the different characteristics and needs of Arab consumers, to make substantial contributions to the advancement of financial services influencing diverse sectors and business endeavors.
AUC, recognised globally for over a century, stands as a leading institution in higher education. Rooted in the Middle East and accredited in the United States, AUC’s curriculum emphasizes critical thinking, global outlook, and intellectual curiosity.
Established in December 2019, BEDMLab focuses on studying human decision-making in economics, with a particular emphasis on behavioral economics. This aligns seamlessly with Fintech Robos’ mission to innovate the area of savings and wealth management, driving asset management growth. The collaboration aims to make a lasting impact on financial education in MENA, addressing major challenges currently faced in the extremely low penetration of savings and protection products.
Established in 2020, Fintech Robos is focused on digitalizing and gamifying long-term household savings and pension solutions that are white-labeled and distributed via retail banks, asset management firms and life insurance companies.
“This partnership with AUC is part of our wider ongoing efforts to advocate financial literacy and financial inclusion across the region. And with BEDMLab’s applied behavioural economics insights, we hope to empower people to navigate the evolving landscape of savings, investments, and wealth management in Arab countries,” said Ebrahim K Ebrahim, CEO of Fintech Robos.
