Many people in South Africa have unclaimed assets worth an estimated R90 billion that they are unaware of. Robin Hood, in partnership with Standard Bank’s OneHub, introduces a revolutionary solution to this widespread problem. The Robin Hood digital platform powered by Standard Bank is set to transform the way unclaimed assets are identified, claimed, and returned to their rightful owners.
The Financial Sector Conduct Authority (FSCA) issued a discussion paper to engage with the financial services industry and gather insights into the challenges that the industry faces. We believe that through the use of technology, such as the Robin Hood solution, aligns with the FSCA’s goals of streamlining the industry and will ultimately accelerate the release of billions of rands to South Africans while unlocking millions of rands of untouched tax revenue for the benefit of economic growth.
In an industry rife with scams and fraud, Robin Hood’s collaboration with Standard Bank’s OneHub ensures security, trustworthiness and credibility. “The Robin Hood platform, with its ability to consolidate unclaimed benefits data, is a game-changer. We are delighted to have the support of Standard Bank in delivering a robust and reliable solution that fundamentally enhances asset holders’ client service.” said Rowan Gordon, CEO of Robin Hood.
This groundbreaking platform, available to all asset holders and the broader banking community, is designed to address the complex issue of unclaimed benefits head-on. By aggregating data from multiple sources into a single database, Robin Hood will return your lost funds. Robin Hood’s efficient and cost-effective platform allows asset holders to trace, verify, and process payments at an unprecedented scale, this technology-driven initiative streamlines the cumbersome process of claiming benefits.
“We believe that through partnership we can solve big industry problems faster, bringing the agility of a fintech together with the reach of Standard Bank puts us into a unique position to succeed in solving societal challenges” said Jonathan Lamb, Head of Channel & Partnerships at CIB Digital Standard Bank.
Our ambition to co-create solutions by bringing partners together has been realised by incorporating the iiDENTIFii biometric identity capability into the Robin Hood solution through the OneHub API marketplace. We look forward to working with Robin Hood in tackling Liberty’s unclaimed pension book in this pilot phase of this exciting initiative.
DID YOU KNOW?
Standard Bank Group is the largest African bank by assets, operating in 20 African countries, 4 global financial centres and 2 offshore hubs. Headquartered in Johannesburg, South Africa, we are listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock Exchange, share code SNB.
Standard Bank has a 161-year history in South Africa and started building a franchise outside southern Africa in the early 1990s. Our strategic position, which enables us to connect Africa to other select emerging markets as well as pools of capital in developed markets, and our balanced portfolio of businesses, provide significant opportunities for growth.
As at 30 June 2024, Standard Bank Group had 19.5 million clients, employed nearly 51 000 people (including Liberty) and had almost 1 200 points of representation and 5 500 ATMs on the African continent.
The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 19.4% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets.
For further information, go to http://www.standardbank.com
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