Bahrain-based savings and pensions white-label tech provider Fintech Robos has teamed up with Belgian IT firm Prime Factor.
They will introduce a fintech-based product for calculating and managing end-of-service benefit (ESB) for expat workers in Gulf Cooperation Council (GCC) countries.
The ESB calculations can be built on investments, universal life or unit linked structures.
Ebrahim Ebrahim, chief executive of Fintech Robos, said: “Whilst companies do account for the liability, very few companies set specific funds aside. The liability is present on the company’s balance sheet; however, it’s almost entirely used as part of working capital.
“Even if the liability has been accounted for correctly, there is no guarantee that the company will have sufficient cash to be able to make payments. In the case where company performance has been poor, the likelihood of having little cash or access to liquidity from the banks is increased.
“We want to build a trusted, purpose-driven regional house of fintech solutions for long-term savings and pensions.”
