Sav, a fintech born in the UAE, has secured in-principle approval for a Category 4 license from the Dubai Financial Services Authority (DFSA). This significant achievement will allow Sav to offer regulated services to consumers once the full DFSA license is granted, solidifying its goal to be the ultimate financial partner for the mass affluent.
"We are thrilled to have received this in-principle approval," stated Purvi Munot, CEO of Sav. "The UAE's mass-affluent population often faces fragmented financial management across various platforms, resulting in unnecessary complexity and delays in decision-making. This approval enables us to simplify and innovate, consolidating all financial solutions into one platform, thereby enhancing user interaction with their finances. Our aim at Sav is to act as a pathway to wealth, assisting consumers in eliminating mounting debts and promoting financial awareness and responsible spending."
Upon fulfilling the conditions of the in-principle approval, Sav will be granted a Category 4 DFSA license, enabling it to offer the following financial services: 1. arranging money services, 2. advising on and arranging deals in investments, and 3. advising on and arranging deals in credit. Currently, Sav's platform facilitates seamless financial management alongside a rewarding prepaid card. With the DFSA license, Sav plans to expand its services to include investments, money services, and debt management.
"We are dedicated to developing a sustainable business that continually adds value for our users and stakeholders. Our focus is sharp on execution, and we are steadfast in our objective to establish a world-class, well-governed, global fintech," commented Mithil Ajmera, co-founder and COO at Sav. Sav has been a leader in promoting financial literacy and AI-driven intelligence for personal finances. Recently, Sav was acknowledged as one of the top-10 women-led AI companies in MENA by Google and has received support from Sanabil, 500 Startups in KSA. Sav is also an esteemed alumnus of the Mohammed Bin Rashid Innovation Fund (MBRIF), backed by the Ministry of Finance.
