Sav, a UAE-based fintech, has received an in-principle approval for a Category 4 license from the Dubai Financial Services Authority (DFSA). This strategic milestone will enable Sav to provide consumers with regulated services upon the issuance of the full DFSA license, reinforcing its vision to be the ultimate money companion for the mass affluent.
“We are delighted to receive this in-principle approval,” said Purvi Munot, CEO of Sav. “Many of the UAE’s mass-affluent grapple with fragmented finances spread across multiple platforms, leading to unnecessary complexities and delays in decision-making. This endorsement empowers us to streamline and innovate, bringing all financial solutions under one roof and enhancing how users interact with their money. Our mission at Sav is to serve as the ladder to wealth, helping consumers get rid of snowballing debt and fostering financial cognizance and responsible consumption,” Munot adds.
When the in-principle approval conditions are met, Sav will receive the Category 4 DFSA license that would allow it to arrange money services, provide advice on and arrange investment deals, and offer consultation on deals in credit.
Currently, Sav’s platform allows users to seamlessly manage their finances alongside a rewarding prepaid card. Upon receiving the DFSA license, Sav will be able to expand its offerings to include investments, money services, and debt management. “We’re committed to building a sustainable business that consistently adds value for our users and stakeholders. We’re laser-focused on execution and resolute in our goal to create a world-class, well-governed, global fintech,” says Mithil Ajmera, co-founder and COO at Sav.
Sav serves as the source of promoting financial literacy and AI-led intelligence in personal finances in the region. The Sav App offers innovative solutions on money management to over 50,000 users in the UAE. It’s dedicated focus on data science and consumer behavior allows it to address a range of financial concerns across the region.
