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Fintech Sav receives DFSA’s in-principle approval for Category 4 license

DFSA has granted in-principle approval for Category-4 license



A Category-4 license will allow Sav to arrange money services and advise on investments.
Image Credit: Shutterstock

Dubai: A UAE based fintech, Sav, has got an in-principle approval for a Category 4 license from DFSA, and setting it up to provide users with regulated services on getting a full license.

"Many of the UAE’s mass-affluent grapple with fragmented finances spread across multiple platforms, leading to unnecessary complexities and delays in decision-making,” said Purvi Munot, CEO. “This endorsement empowers us to streamline and innovate, bringing all financial solutions under one roof, enhancing how users interact with their money.”

When the in-principle approval conditions are met, Sav will receive the DFSA Category-4 license for:

  • Arranging money services.
  • Advising on and arranging deals in investments, and,
  • Advising on and arranging deals in credit.

Currently, Sav’s platform allows users to manage their finances alongside a rewarding prepaid card. On receiving the DFSA license, Sav will be able to expand its offerings to include investments, money services, and debt management.

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Recently, Sav was recognized as one of the Top 10 women-led AI companies in MENA by Google, and received backing from Sanabil, 500 Startups in Saudi Arabia.

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