Friday 5 March 2021

Ebrahim K Ebrahim

Household long-term savings focus for Bahrain summit

MANAMA, 19 days ago

The upcoming first Arab Household Long-term Savings Conference in Bahrain will discuss the economics of long-term savings for households, its significance for their financial resilience and the right vehicles for household long-term savings and building up assets.

The event is organised by Fintech Robos, the Bahrain-based providers of savings and pensions technology.

“Several reports by reputed consultancy groups almost unanimously point to the fact that at least one third of people in Mena do not save any money; two thirds of people do not save enough or regularly, and close to 80% of people say they don’t feel confident about their financial future,” said Ebrahim K Ebrahim, CEO of Fintech Robos.

Ebrahim said there’s a direct relationship between household savings ratios and healthy economy, and between household savings ratios and future social security. “If savings is key to a healthy economy, then it must be reasonably high and sustainable, if any region is to fulfil its potential for higher real income and greater standard of living,” he pointed out.

Ebrahim elaborated that the main purpose of organising this first-of-its-kind conference in the region is to create a rich debate and information-sharing platform on the significance of long-term savings for household financial resilience. It’s also to increase awareness on both the need-to-save, as well as, knowledge around savings solutions offered by the financial industry, and global innovation in this space.

“Simply put, we aim to build better stakeholder awareness and place long-term savings and household financial resilience on the agenda for all those concerned,” he said.

Top-notch speakers from leading regional banks, insurers, wealth managers, advisors, digital challengers, economic think-tanks and policy analysts will be participating in this conference, which will be livestreamed from Bahrain on May 25 and 26.

The conference is also designed to provide a holistic assessment of the landscape of household long-term savings products, characteristics of ideal savings vehicles, and solutions of incumbent institutions vs. solutions offered by the new wave of digital challengers. Insights on how the world’s best savings countries save for the long-term will also be highlighted.

The digital savings solutions are already changing people’s attitude towards savings and putting them in control of their money. Customers are appreciating the ease and convenience of being able to keep tabs on their money in real time. The big question is:  how do these digital propositions generally compare to the incumbent big institutions in terms of safety and sustainability? And how long will it take Mena clients to make a paradigm shift towards these digital challengers?

“Together with the annual Arab Pensions Conference, we hope the Arab Household Long-term Savings event by Fintech Robos will foster a lively debate and a growing industry forum on personal finance, pension savings and pension investments across the Mena region,” said Ebrahim. – TradeArabia News Service


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