Dubai: Dubai witnessed the launch of the pilot program “SAV” for the first financial company in the UAE, led by women, centered around savings.
SAV emerged from a deep understanding of the financial landscape of the Gulf Cooperation Council countries, accompanied by concern about the future repercussions if the current situation continues, and it bears the task of contributing to bringing about positive change in the scene.
In recent years, household savings rates in the Gulf Cooperation Council countries have recorded alarmingly low rates, which prompted governments to intensify efforts and update practical strategies to mitigate the consequences of the situation. It is known that the residents of the Gulf Cooperation Council countries benefit from very low or no taxes, but they are unable to maintain sound saving habits due to the increase in consumption.
Equipped with first-class technology and backed by the craftsmanship of top bankers, ex-fintech founders and tech evangelists, SAV aims to revolutionize the money-saving culture. Its mission, which is closely linked to the requirements of the times, is to make the savings culture accessible, convenient, rewarding and enjoyable.
SAV is also characterized by being an easy-to-use and automated platform, with its unique fun feature that helps customers save money while rewarding them for it. In practice, SAV makes it possible to set different savings goals (such as buying a house, a car, going on vacation, etc.) and add money to them via an automated financing system according to three main options:
A predetermined percentage is automatically deducted from the customer’s salary and combined into one of the specified savings goals.
Automated Funding Option
Each time a customer spends an amount during a purchase, the automated system rounds up the bill and redirects the difference toward a savings goal.
Set and Forget:
Customers can select a specific day and time on which a predetermined amount will be directed repeatedly with a savings goal.
The most important part of SAV is the rewards that await customers. For every dirham saved on the platform, the customer gets one coin (Coin). These coins later enable you to take advantage of many offers, such as free coffee, free movie tickets or a discount on one of the customers’ favourite stores, etc. It is also worth noting that the SAV application is connected to more than 100 stores to date.
On the other hand, customers are given a prepaid “SAV” card and benefit from the option of peer-to-peer money transfer to and from another “SAV” savings account.
For fans looking to launch the official version of the application, SAV provides the ability to join a waiting list on its official website.
SAV is a financial technology platform that helps users effortlessly save and organize their money. By harnessing the power of automation and rewards, SAV builds products that help users reduce the stress of managing everyday money while laying a sustainable foundation for their financial future.