First Abu Dhabi Bank (FAB), the UAE’s largest bank by assets, has officially partnered with FinTech firm Aurem to provide the IT platform for its End-of-Service Benefits (EOSB) Savings Plan, as per information disclosed on the bank’s website, cited on 20 January 2025.

This announcement follows the earlier update from October 2024, which disclosed the other parties involved in delivering FAB’s EOSB Savings Plan. These include Apex Fund Services Limited as Fund Administrator and Transfer Agent, Deutsche Bank as Custodian, PwC as Fund External Auditor, and White & Case as Legal Advisor.

IT platforms are integral to EOSB Savings Plans

IT platforms play a crucial role in shaping the user experience for both companies and employees within EOSB Savings Plans. These platforms facilitate the smooth operation of the savings plans ensuring efficient management of data and regulatory compliance. This involves complex integrations to connect companies, custodian banks, fund managers, administrators, and employees, making the technology provider a key consideration for HR Managers when selecting a fund manager for the EOSB Savings scheme.

Additionally, these systems will also be required to integrate with the Ministry of Human Resources and Emiratisation (MoHRE) in the future, enabling fund managers to access data for company and employee onboarding, as well as to transmit data on contribution payments and EOSB claims back to MoHRE.

As such, pureplay fund managers are heavily reliant on third-party technology to connect these dots and system integrations have no doubt caused delays. As for the other approved fund managers, National Bonds is believed to be using its proprietary technology for its part in the scheme, while no information has yet been disclosed regarding the IT platforms used by Daman Investments or Lunate, the other two approved providers.

However, we understand that system-related work is progressing, and it’s only a matter of time before the other technology providers are announced.

In the meantime, Aurem has emerged as the first to market. Founded in 2022, Aurem is a fintech firm backed by Further Ventures and Abu Dhabi-based ADQ. Aurem is led by Co-Founder and CEO Michael Watkins, who brings valuable experience from previous roles with pension system providers, including Smart Pension, a UK-based pension administration system also used by Zurich Middle East to manage the EOSB Savings scheme for DIFC employers (DEWS).

Aurem is licensed by Abu Dhabi Global Markets (ADGM) with a Category 4 license for arranging investment deals. Pensions Monitor will speak with Aurem in the coming weeks to learn more about its technology platform and whether this is also being explored by other fund managers aspiring to join the EOSB Savings scheme in the UAE.

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