NEW YORK and SHANGHAI, Sept. 28, 2017 /PRNewswire/ -- CentSai, an online financial wellness community, and RIKAI Labs, China's leading chatbot platform, today announced a partnership aimed at improving financial literacy in China. Under the terms of the partnership, RIKAI Labs will use CentSai's engaging educational content to enhance its award-winning financial literacy chatbot, called "FinBot." CentSai's content is expected to launch in China in the fourth quarter of 2017.
According to a 2015 Standard & Poor's report, 72 percent of Chinese adults lack basic financial knowledge. To address this, RIKAI Labs developed "FinBot," a chatbot friend powered by artificial intelligence (AI). FinBot teaches basic financial concepts through friendly conversations with users incorporating multimedia and social elements to increase engagement. This creates a dialogue providing social, actionable and customized financial information to individuals. Users access FinBot through WeChat, China's largest messaging app with 963 million users.*
With 30 professional writers and 90 financial experts in the U.S., CentSai's content teaches personal finance concepts in a fun, approachable way. Users spend over 10 minutes on CentSai on average, triple the time for its larger industry competitors, according Alexa data. CentSai content includes topics ranging from saving and budgeting to building credit and investing money, among other financial "life stages." CentSai also delves into money issues often considered controversial.
The partnership with RIKAI Labs is the first time CentSai's content will be distributed outside the U.S. CentSai establishing its presence in China by offering this underserved market fun financial content, including articles, games and quizzes.
"We are excited to partner with RIKAI Labs to develop FinBot and offer a user-friendly financial education to millions in China," said Arindam Nag, co-founder and CEO of CentSai. "This partnership marks our first step into China and we are dedicated to helping our Chinese audience improve their financial wellness."
"China is the second-largest economy in the world, with the largest financially illiterate population," said Eric Song, Director, China Market, CentSai. "The financial system is becoming more complicated than ever with the rapid growth of financial technologies. With the combination of creative content and cutting-edge technology, CentSai and RIKAI are committed to the same mission, and we encourage other companies to join us — to help people improve their financial know-how anywhere, anytime."
"We are inventing the new two-way medium of chatbots," said David "DC" Collier, CEO, RIKAI Labs. "Our custom platform allows us to develop conversational chatbots that are educational and entertaining. And best of all, this doesn't require anything from the users — FinBot will immediately be available to all of WeChat's audience of one billion people."
*According to WeChat owner Tencent's most recent half-year earnings report, WeChat has approximately 963 million users both inside and outside of China.
CentSai's mission is to make learning personal finance skills approachable and fun for young Americans through every stage of life. CentSai provides financial wellness education through its two platforms — CentSai, which serves millennials and Gen X-ers, and CentSai Adulting, which serves teens. Both platforms spread invaluable personal finance information through storytelling in blogs, videos, expert commentary, Q&As, podcasts, and more.
About RIKAI Labs
RIKAI Labs produces educational and engaging chatbots, delivered over WeChat. Using a mix of artificial intelligence and their custom in-house authoring tools, RIKAI has developed chatbots that helps a business-to-consumer (B2C) organization to magnify its engagement with customers.
Media Contact for CentSai:
Media Contact for Rikai Labs:
David 'DC' Collier