Sav, a prominent financial technology firm, has introduced Sav 'MyMoney' to assist mass-affluent residents in the UAE in monitoring, analyzing, and gaining profound insights into their cash flow. 'MyMoney' is now accessible on the Sav app, where it aggregates financial data from all user bank accounts onto a single dashboard. Users can search transactions by merchant or category and receive alerts for bill payments and subscriptions.
"We are excited to unveil Sav MyMoney, our latest financial management tool for UAE residents," stated Purvi Munot, Co-founder and CEO of Sav. "Consumers today manage multiple financial accounts, complicating spending tracking. Sav MyMoney streamlines this by consolidating everything in one place. With engaging visuals and clear insights, we empower users to manage their finances with confidence." To use Sav MyMoney, users must link their bank accounts, allowing the app to automatically categorize expenses, track transactions, and analyze spending. MyMoney utilizes Google's Gemini AI, which has multimodal capabilities for seamless text and image processing and generation, ensuring near-perfect categorization and intelligent insights.
Sav MyMoney provides a transaction history of up to 180 days, enabling users to review past spending patterns and identify trends for informed financial decisions. User data is used only with consent, to provide insights into financial realities and help shape them, with the option to revoke consent at any time. Mithil Ajmera, Co-Founder and COO of Sav, added, "At Sav, all data is securely encrypted and protected, adhering to strict privacy policies and security measures to safeguard user data. Our goal is not to know how users spend their money, but to help them understand and optimize their expenses and cash flow."
Many mass-affluent individuals in the UAE face fragmented finances across multiple platforms, exacerbated by the rise of digital and card payments, potentially leading to poor financial decisions and credit score damage. Sav's MyMoney, launching in phases starting Thursday, is Sav's newest offering, expanding its portfolio to include budgeting, goals, automation, prepaid cards, gamification, and gift cards. Sav was recently recognized by Google as one of the top 10 women-led AI startups in the MENA region and has since launched multiple products and features to simplify money management for its users.
