Sav, a UAE-born fintech, received an in-principle approval for a Category 4 license from the Dubai Financial Services Authority (DFSA).
This key 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.
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.
“Enhancing how users interact with their money”
Purvi Munot, CEO of Sav, said: “We are delighted to receive this in-principle approval. 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, 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.”
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Mithil Ajmera, co-founder and COO at Sav, commented: “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.”
When the in-principle approval conditions are met, Sav will receive the DFSA license of Category 4 with the following financial services:
- arranging money services,
- advising on and arranging deals in investments, and,
- advising on and arranging deals in credit.
