Dubai and UAE
Home >> Banking & Investments

Sav Launches its Beta Program in the UAE

Sav Launches its Beta Program in the UAE

Monday, August 15, 2022/ Editor -  


Home >> Banking & Investments
August 15th, 2022 - Dubai: The household savings rates in the GCC region registered alarmingly low percentages in the previous years. This situation is pressing governments to intensify efforts and advance strategies towards a brighter future for household savings. GCC residents benefit from very low to no taxes yet remain challenged to save enough money due to rapid consumption.
Sav has emanated from an in-depth understanding of the GCC financial landscape, a concern about the future repercussions in case the situation persists, and a clear mission to be the drivers of change in the scene.
Sav has marked a memorable milestone by launching its beta program on August 3rd, 2022. It represents a significant moment for the UAE to witness the rise of the country's first woman-led, savings-focused fintech company.
Geared with first-class technology and backed with the craftsmanship of some of the finest ex-bankers, ex-fintech-founders, and technology evangelists, Sav is here to re-design the money-saving culture. Its mission is powerful and modern-times-relevant: to make savings accessible, convenient, rewarding, and fun. 
Sav is a user-friendly and highly automated platform with a fun component to it. It helps customers save money while being rewarded for it. Initially, it allows for creating different saving goals (e.g., buying a house, a car, going on a vacation, etc.) and having funds added to them via an automated funding system according to three main saving options:
● Income Sorter: 
A pre-set percentage is automatically deducted from the customer's paycheck and incorporated into one of the saving goals.
● Automated Funding option:
Every time a customer spends an amount on a purchase, the automated system rounds up the bill and redirects the difference into a respective savings goal.
● Set and forget:
Customers can set up a day and time where a predetermined amount regularly goes into a specific saving goal.
The most exciting part of Sav is the hidden reward gems. For every dirham saved on the platform, customers receive one coin. Coins can later be used to redeem offers like free coffee, a free movie night, a discount on one of their favorite merchants, etc. Sav app gives access to more than a hundred merchants until today. 
The virtues of Sav are not yet over. Customers are granted a Sav prepaid card and benefit from a peer-to-peer money transfer option from and to another Sav account. 
For the curious public, Sav offers a waitlist to join as they look forward to the official application launch.

Previous in Banking & Investments

Next in Banking & Investments

Home >> Banking & Investments Section

Latest Press Release

Dubai Customs Wins three Renowned IdeasUK 2020 Awards

Summary of Weekly Real Estate Transactions for the Week ending 25 November 2022

RAK Hospital Educates on the Management of Diabetes with Alternative Medicine du ...

Hospitality Excellence Awards by Hozpitality Group awarded the Top Hospitality L ...

Verstappen Closes Out the Season with his 15th Win of the Year at the Abu Dhabi ...

Asha's Proposes a UAE National Day Inspired Menu

UAE is among the Fittest Countries in World – Cigna Physical Well-being Report

UAE Teams Triumph in World Robot Olympiad International 2022 Final

Dubai Future Foundation Announces Winners of the Smart Toys Competition 2.0

Sharjah Resident Winner of Global Village Golden Coin Receives 27,000 AED Cash P ...

The Face Shop Introduces Vegan Skincare in the UAE

Dr. Raja Easa Al Gurg Named Pro-Chancellor of Heriot-Watt University Dubai

Oxford-Sheikh Mohammed bin Rashid Al Maktoum Graduate Scholarship: A leading ini ...

Samsung MENA Launches the First-ever Roblox ‘Space Cup' Football Tournament

Dubai Customs Launches Awareness Campaign on Digital Services for Passengers

Waterfront Market unveils Dubai Consumers Shopping Preferences

Parade of Nations Open Triathlon Championships Along Yas Bay Waterfront

Network International, American University of Sharjah Collaborate to Empower You ...

The Big 5 2022 Brings the Global Construction Industry Together with a Sharp Foc ...

Jaguar Classic Exhibit Iconic Jaguar C-Type & D-Type Models at the Dubai GP Rev ...