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.
