Sarwa announces partnership with Saxo Bank and unveils product

By Edil Corneille

Dubai-based Sarwa, an online investment advisory platform for young professionals, has unveiled Sarwa X, a new product powered by a strategic partnership with Saxo Bank, a FinTech and RegTech specialist focused on multi-asset trading and investment.

The new partnership will support Sarwa’s growth across the MENA region and provide flexibility and agility to tailor new products and services more effectively, adapting to client and market needs.

The launch of Sarwa X, an upgrade on the Sarwa Classic, offers new product improvements for easier funding and investment. The product supports local transfers in AED and USD. UAE clients can have free local transfers from their AED bank account to their Sarwa X account without incurring international transfer fees.

In early 2020, Sarwa moved to a new regulatory structure. The new license upgrade will help it to scale significantly, not only in terms of increasing the client base but also in terms of product offering. Sarwa is now incorporated in the Abu Dhabi Global Market (ADGM), regulated by the Financial Services Regulatory Authority of Abu Dhabi (FSRA), and is expanding regionally.

“We are so excited about dramatically cutting costs for our clients. Fewer fees mean more returns, which have already been fantastic in comparison to industry benchmarks. We wanted to work with a partner that can deliver on backend cutting-edge technology so we can have more flexibility. This means better services and a lot of new products on the horizon,” said Mark Chahwan, co-founder and CEO of Sarwa.

“Having Saxo as our trusted partner will help us continue to scale the business in a smooth matter and continue to improve our offerings for our clients. Saxo Bank stood out in our evaluations based on its regulatory framework and Open API functionality as well as experience and trust. As Sarwa continues to evolve and grow, we see a partner that supports us on our journey and on our expansion into new markets.”

Since launching in 2017, Sarwa has been committed to working with globally reputable partners and banks to provide clients with services, while ensuring the safety and security of client assets.

Steve Weller, Middle East CEO for Saxo Bank said: “We are very proud to sign this agreement and work with Sarwa, a rising regional fintech with great potential for the future. Our joint agreement is a great example of the power of collaboration when two companies bring together their strengths for mutual benefit.

“At Saxo Bank we are always championing the power of partnerships, believing that financial institutions must explore external partnerships to innovate and improve the customer experience as digital consumption continues its rapid increase. This agreement with Sarwa is a perfect example of the win-win nature of partnerships and I expect we will see more such collaborations across the MENA financial services arena as digitization increases.”