Unclaimed assets estimated at R90 billion may soon be returned to their rightful owners, thanks to a new partnership between Robin Hood, a fintech platform, and Standard Bank’s OneHub. The collaboration aims to address a significant challenge in South Africa: unclaimed financial assets that have yet to be claimed by beneficiaries.
Unclaimed assets refer to any money due to a person by a financial services provider, that remains unpaid or unclaimed.
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Tackling unclaimed assets with tech solutions
Robin Hood’s digital platform is designed to help individuals and organisations trace and recover unclaimed benefits, including pensions, investments, and other financial assets. With Standard Bank’s backing, the platform consolidates unclaimed benefits data from multiple sources, making the process more efficient and reliable. Rowan Gordon, CEO of Robin Hood, described the platform as a “game-changer.” He stated, “We are delighted to have the support of Standard Bank in delivering a robust and reliable solution that fundamentally enhances asset holders’ client service.”
The Financial Sector Conduct Authority (FSCA) has previously raised concerns about the challenges the financial industry faces in tracking and returning unclaimed assets. Through this partnership, the Robin Hood platform aligns with the FSCA’s goal of streamlining processes and promoting economic growth by unlocking unclaimed funds.
Biometric technology to enhance security
In addition to tracing assets, the platform integrates biometric identity verification through iiDENTIFii, enhancing security and preventing fraud. The partnership marks a critical step in addressing scams within the financial sector, providing users with a secure method to verify their claims. Jonathan Lamb, Head of Channel & Partnerships at Standard Bank, commented, “Bringing the agility of a fintech together with the reach of Standard Bank puts us in a unique position to succeed in solving societal challenges.”
The platform’s pilot phase will initially focus on Liberty’s unclaimed pension book, setting the stage for wider industry applications. As the platform gains momentum, billions in unclaimed assets could soon be released to South Africans, along with potential tax revenues that benefit the economy.
