Sav, a UAE-based Fintech, has secured in-principle approval for a Category 4 license from the Dubai Financial Services Authority (DFSA), positioning the company for significant expansion.
The licence will enable Sav to offer regulated financial services, aligning with its objective to simplify money management for the mass affluent.
Currently, Sav’s platform allows users to manage their finances effectively, offering features like a rewarding prepaid card.
With the DFSA licence on the horizon, the company is preparing to expand its services to include investment management, financial advisory, and debt management, in addition to its existing offerings.
The fintech, recognized by Google as one of the top 10 women-led AI companies in the MENA region, has also attracted investment from prominent backers such as Sanabil and 500 Startups in Saudi Arabia.
These developments reflect Sav’s commitment to becoming a comprehensive financial services provider, catering to the growing needs of its user base.
Sav aims to address the challenges faced by the UAE’s mass affluent, who often deal with fragmented financial services across multiple platforms.
The company’s approach seeks to integrate all financial solutions under one platform, making it easier for users to manage their money efficiently.
With the DFSA’s approval, Sav is expected to accelerate its growth, solidifying its position as a key player in the region’s financial technology sector.
The company remains focused on executing its strategy to build a sustainable, value-driven business that meets the evolving needs of its users and stakeholders, according to an announcement.