Sav launches MyMoney app for mass-affluent UAE residents

By Gloria Methri

Dubai-based money management FinTech Sav has launched MyMoney, a tool to help mass-affluent UAE residents track, analyse and gain deeper insights into their cash flow.

Available now on the Sav app, MyMoney consolidates users’ financial data from all their bank accounts and presents it on one dashboard. Users can also look up transactions by merchants or categories and get reminders for bill payments and subscriptions.

“We are thrilled to introduce Sav MyMoney, our newest tool to help UAE residents master their finances,” said Purvi Munot, Co-founder and CEO at Sav. “Today’s consumers juggle multiple financial accounts, making it hard to track spending. Sav MyMoney simplifies this by bringing everything together in one place. With stunning visuals and clear insights, we are empowering people to manage their money confidently.”

To set up Sav MyMoney, users need to link their bank accounts and allow the app to automatically categorize their expenses, track their transactions, and analyze their spending. MyMoney leverages Google’s Gemini AI, which has multimodal capabilities, to generate and process text and images seamlessly.

Sav MyMoney also offers a transaction history of up to 180 days, enabling users to review past spending patterns and identify trends to make informed financial decisions. User data is used solely for the purposes for which users have consented: to provide insights into users’ financial reality and help them shape it.

Mithil Ajmera, Co-Founder and COO of Sav said, “We are deeply committed to user privacy and security. All data is securely encrypted and protected, and we follow strict privacy policies and security measures to keep user data safe. We don’t want to know how our users use their money. We want them to know it so that they can optimize their expenses and cash flow.”

Many of the UAE’s mass-affluent individuals struggle with fragmented finances across various platforms, a problem intensified by the rise of digital and card payments. This added complexity can lead to ineffective financial decisions and may even harm credit scores.

Sav’s MyMoney, launching in phases beginning August 23rd 2024, is the company’s latest development. It has been steadily broadening its portfolio, including budgeting, goals, automation, prepaid cards, gamification and gift cards.