Sav, the region’s rapidly growing consumer fintech platform, and Visa, a world leader in digital payments, have signed an exclusive five-year, multimillion-dollar strategic partnership that will see Visa become Sav's exclusive card network across the UAE and Saudi Arabia.
The collaboration will accelerate product innovation, customer acquisition, and the expansion of Sav's card ecosystem across both markets, said a statement.
As part of the agreement, Sav’s portfolio of cards will now be fully Visa-powered, ensuring seamless global acceptance and access for Sav users including access to Visa’s prestigious global events, partner networks, and innovation resources.
Purvi Munot, Cofounder and CEO of Sav, commented: "Through our partnership with Visa, we're combining global acceptance with meaningful everyday rewards, while continuing to build an intelligent financial platform that helps users spend, save and grow their wealth more effectively. Consumers increasingly expect more value from the financial products they use every day, and we aim to for this partnership to extend the reach of our trusted, autonomous wealth management platform including our upcoming credit card offering, subject to regulatory approvals, in the future.”
"We are pleased to partner with Sav as they continue to expand their innovative financial platform across the UAE and Saudi Arabia. Consumers across the region are increasingly seeking secure, seamless and digitally enabled payment experiences. By combining Visa's global network, innovation capabilities and trusted security with Sav's customer-centric approach, we look forward to supporting the next phase of growth and delivering greater choice and convenience to consumers, " said Salima Gutieva, Vice President and Country Manager for Visa in the UAE.
Sav users can top up their Sav card instantly from any of their existing bank accounts, and can freeze and unfreeze cards in real time, set spending controls, and monitor every transaction the moment it happens, with bank-grade security built in.
The partnership will also accelerate Sav's product roadmap, with the planned launch of credit cards, subject to regulatory approvals, alongside multi-currency cards, extending the platform from everyday spending into borrowing and borderless money for the region's globally mobile consumers, it said. -TradeArabia News Service
