{"id":18801,"date":"2024-08-09T15:10:54","date_gmt":"2024-08-09T11:10:54","guid":{"rendered":"https:\/\/www.dubaimagazine.net\/wp\/?p=18801"},"modified":"2024-09-02T13:57:11","modified_gmt":"2024-09-02T09:57:11","slug":"sav-receives-in-principle-approval-for-category-4-license-in-the-uae","status":"publish","type":"post","link":"https:\/\/www.dubaimagazine.net\/wp\/?p=18801&lang=en","title":{"rendered":"Sav Receives In-Principle Approval for Category 4 License in the UAE"},"content":{"rendered":"

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.<\/p>\n

\"\"“We are delighted to receive this in-principle approval,” said Purvi Munot, CEO of Sav. “Many of the UAE\u2019s 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.\u201d<\/p>\n

When the in-principle approval conditions are met, Sav will receive the DFSA license of the category 4 with the following financial services:<\/p>\n

arranging money services,<\/p>\n

advising on and arranging deals in investments, and,<\/p>\n

advising on and arranging deals in credit.<\/p>\n

Currently, Sav\u2019s 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.<\/p>\n

“We\u2019re committed to building a sustainable business that consistently adds value for our users and stakeholders. We\u2019re 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.<\/p>\n

Sav has been at the forefront of promoting financial literacy and AI-led intelligence to personal finances. Recently, Sav was recognized as one of the top-10 women-led AI companies in MENA by Google and has received backing from Sanabil, 500 Startups in KSA. Sav is also a proud alumni of the Mohammed Bin Rashid Innovation Fund (MBRIF), backed by the Ministry of Finance.<\/p>\n

For more information about Sav and its suite of technology products, please visit https:\/\/sav.money<\/a> or download the Sav app from Google Play Store<\/a> or the App Store<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sav, a UAE-born fintech, received an in-principle approval for a Category 4 license from the Dubai Financial Services<\/p>\n","protected":false},"author":1,"featured_media":18803,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.dubaimagazine.net\/wp\/wp-content\/uploads\/2024\/08\/PHOTO-2024-08-09-06-36-38-1-600x400.jpg","fifu_image_alt":"","footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[73],"tags":[],"class_list":["post-18801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category---en"],"yoast_head":"\nSav Receives In-Principle Approval for Category 4 License in the UAE - Dubai Magazine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dubaimagazine.net\/wp\/?p=18801&lang=en\" \/>\n<meta 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