Saving money can prove to be a challenging task, particularly when one lacks clear financial goals. However, by developing a strategic plan and allocating funds towards specific objectives, there can be tremendous benefits.
While there are countless platforms available for investing in stocks and indexes, there are fewer apps dedicated to supporting personal financial management.
One of them is Sav, a Dubai-based platform that aims to streamline the process of saving money. This app enables users to easily monitor their savings progress and also offers rewards when they hit their goals.
“A lot of consumer spending is today fuelled by credit, which in the long term is not sustainable,” says Sav chief executive Purvi Munot.
Ms Munot highlights the significant advancements in credit-related services such as buy now, pay later (BNPL) platforms, mortgages, flexible payment plans and easy monthly instalments on credit cards.
On the other hand, she notes that innovation in savings has been restricted as it mainly revolves around debit cards linked to a bank account and traditional savings or current accounts that may not cater to one's lifestyle needs.
To address this, her app offers automated tools that enable customers to allocate funds on a daily or weekly basis with a single instruction.
“You can arrange for your salary to be sorted as soon as you receive it; for example, by setting a rule that 20 per cent goes towards your children's education, 10 per cent towards rent, [and] 25 per cent towards retirement,” she says.
“We made [the platform] more gamified, so every time you hit a milestone, you're rewarded.”
Ms Munot, who has about a decade of experience in the consumer banking and payments sector, founded Sav in 2021 after moving to the UAE.
She began her career with Citibank's Asia-Pacific unit, focusing on the introduction of new products and assisting banks in enhancing their digital capabilities for existing services.
In 2020, she moved to the Mastercard Advisors consulting team in the Emirates, collaborating closely with clients in Saudi Arabia and Bahrain.
“I got to have a hold of the market and to understand how the overall financial fabric in the region looks,” Ms Munot says. “I got deeper insights in terms of how banks have been offering financial products to users and where the gaps truly exist.”
However, what really inspired the creation of Sav was Ms Munot’s own financial temptations and challenges she encountered after moving to the UAE.
“Amid the glitz and glam of the place, it is so easy to lose control of your finances. Everyone wants a Prada or Rado, and a great car and a good mortgage to begin with,” she says.
“I was in that phase as well … it's not that expensive because you're now earning more, and when I looked around, I think a lot of my friends [and] colleagues were in the same boat.”
Savings is a core tenet of financial resilience and security, especially an easily accessible emergency fund that holds three to six months' cover to protect against job loss and other unexpected expenses, according to personal finance experts.
More than eight in 10 savers in the UAE believe it is important to have a rainy-day fund to survive difficult times, thanks to the financial lessons learnt during the Covid-19 pandemic, according to a 2023 study by Sharia-compliant savings and investment company National Bonds.
A 2022 YouGov poll found that a third of consumers from the UAE had credit card debt, the most across six Asian markets.
Sav, primarily a money management platform, will soon offer services that include stock investments and credit score management.
The company, based at the Dubai International Financial Centre, has applied for a specialised licence from the Dubai Financial Services Authority that will allow it to provide investment opportunities in stock markets and offer credit scoring services to its users, Ms Munot says.
Sav is designed to provide users with a guided format for investing to differentiate itself from typical do-it-yourself investment apps, which enable users to independently manage their finances without an adviser or broker.
“These apps require you to learn a lot daily before you are able to act. As customers we've got a life to live. It's not possible to do all this kind of research and become a trader, and then become a very diligent investor,” she adds.
The FinTech platform generates revenue by charging various commissions and fees from its users and partners.
Users who are saving money for specific purposes have the option to save with select travel brands such as Rehlat and MakeMyTrip, as well as other listed partners.
Sav earns commissions from these brands, similar to the revenue generated by BNPL platforms when they enable purchases and take a percentage of retailers' sales, Ms Munot says.
The BNPL business model, which allows consumers to make online purchases instantly and spread their payments out over interest-free instalments, has boomed following the onset of coronavirus pandemic, driven by millennials and Generation Z.
Additionally, Sav earns a commission from transactions made with their issued debit cards in the form of an interchange fee, as well as from subscription fees paid by users who choose advanced features under a premium model.
The company, which aims to reach $50 million in transactions in the next 12 months to 15 months, raised $750,000 in a pre-seed funding round last year.
Currently, the start-up is in the final stages of securing a larger round of funding, with Sanabil Investments, which is owned by Saudi Arabia's Public Investment Fund, participating in the deal, Ms Munot says.
“That gives us a lot of acceleration when it comes to building the team, investing on the marketing side of it and building a brand,” says Ms Munot, without disclosing the value of the deal.
Sav was “absolutely bootstrapped” until it reached the 100-customer mark in July 2022, Ms Munot says, adding it currently has 50,000 monthly active users.
The app has a 10-member technology team and is building up other functions “slowly and steadily”, she says.
Ms Munot describes the UAE's regulatory environment as “very aggressive” in its push to create a more favourable ecosystem for FinTech companies to operate in.
“They are very focused on how customer data is protected … but at the same time, they are bringing in things like regulations around BNPL so that there is no reckless lending,” she says. “They're also bringing in infrastructure for open banking.”
In December, the UAE Central Bank issued a newly amended Finance Companies Regulation to monitor companies that offer short-term credit and BNPL services in the Emirates.
Under the new framework, entities operating as agents of licensed banks or finance companies can provide short-term credit following approval by the banking regulator, it said at the time.
Q&A with Purvi Munot, chief executive of Sav
Is there a start-up out there that you wish you had founded?
TransferWise is one company that I feel makes the movement of money simple. It keeps people connected through money and the overall focus when it comes to technology and partnerships has been crazy. I think I would have loved to do that.
If you had the chance to do it all over again, what would you do differently?
I wish we could focus more on understanding customers' attitudes and behaviours towards money. When we started, I think we were too preachy about how people should behave with their money, compared with where customers are in their mindset.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Sav%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Purvi%20Munot%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24750%2C000%20as%20of%20March%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Angel%20investors%3C%2Fp%3E%0A
Where do you see your business in five years?
For Sav to be something that is valuable to the customers. It is going to be a “one lifestyle money ecosystem” which users really care about.
Who is your role model?
On a couple of fronts, I really look up to Elon Musk for how fearless he is in saying what he feels and then also executing where he sees the future. It is very important for a founder to be able to see what is going to happen in the future and execute that even if people around do not believe in it.
What advice would you give to entrepreneurs looking to enter your sector?
Understand the true customer needs and do not get swayed by where you think there is an opportunity. So, just really work deeper with respect to identifying those things.
Secondly, build a very strong support ecosystem because this is a long journey, and you need the cheerleaders and mentors as you move forward.
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
THE BIG THREE
NOVAK DJOKOVIC
19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m
ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
12%20restaurants%20opening%20at%20the%20hotel%20this%20month
%3Cp%3EAriana%E2%80%99s%20Persian%20Kitchen%3Cbr%3EDinner%20by%20Heston%20Blumenthal%3Cbr%3EEstiatorio%20Milos%3Cbr%3EHouse%20of%20Desserts%3Cbr%3EJaleo%20by%20Jose%20Andres%3Cbr%3ELa%20Mar%3Cbr%3ELing%20Ling%3Cbr%3ELittle%20Venice%20Cake%20Company%3Cbr%3EMalibu%2090265%3Cbr%3ENobu%20by%20the%20Beach%3Cbr%3EResonance%20by%20Heston%20Blumenthal%3Cbr%3EThe%20Royal%20Tearoom%C2%A0%3C%2Fp%3E%0A
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Easter%20Sunday
%3Cp%3EDirector%3A%20Jay%20Chandrasekhar%3Cbr%3EStars%3A%20Jo%20Koy%2C%20Tia%20Carrere%2C%20Brandon%20Wardell%2C%20Lydia%20Gaston%3Cbr%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Dubai World Cup prize money
Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic - $750,000
Group 2 1,600m(Dirt) Godolphin Mile - $750,000
Group 2 3,200m (Turf) Dubai Gold Cup – $750,000
Group 1 1,200m (Turf) Al Quoz Sprint – $1,000,000
Group 2 1,900m(Dirt) UAE Derby – $750,000
Group 1 1,200m (Dirt) Dubai Golden Shaheen – $1,500,000
Group 1 1,800m (Turf) Dubai Turf – $4,000,000
Group 1 2,410m (Turf) Dubai Sheema Classic – $5,000,000
Group 1 2,000m (Dirt) Dubai World Cup– $12,000,000
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Ireland (15-1):
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
Dubai World Cup Carnival Thursday race card
6.30pm: Dubai Millennium Stakes Group Three US$200,000 (Turf) 2,000m
7.05pm: Handicap $135,000 (T) 1,600m
7.40pm: UAE Oaks Group Three $250,000 (Dirt) 1,900m
8.15pm: Zabeel Mile Group Two $250,000 (T) 1,600m
8.50pm: Meydan Sprint Group Two $250,000 (T) 1,000m
9.25pm: Handicap $135,000 (D) 1,400m
10pm: Handicap $135,000 (T) 1,600m
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
Liverpool 4-1 Shrewsbury
Liverpool
Gordon (34'), Fabinho (44' pen, 90' 3), Firmino (78')
Shrewsbury
Udoh (27'minutes)
Man of the Match: Kaide Gordon (Liverpool)
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 374hp at 5,500-6,500rpm
Torque: 500Nm from 1,900-5,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.5L/100km
Price: from Dh285,000
On sale: from January 2022
Federer's 11 Wimbledon finals
2003 Beat Mark Philippoussis
2004 Beat Andy Roddick
2005 Beat Andy Roddick
2006 Beat Rafael Nadal
2007 Beat Rafael Nadal
2008 Lost to Rafael Nadal
2009 Beat Andy Roddick
2012 Beat Andy Murray
2014 Lost to Novak Djokovic
2015 Lost to Novak Djokovic
2017 Beat Marin Cilic
More from Neighbourhood Watch:
The years Ramadan fell in May
Zayed Sustainability Prize
COMPANY%20PROFILE
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