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