TWIG, the first Personal Finance Management application aimed at helping individuals in the Middle East automate their savings and manage their finances, has been granted In-Principle Approval by the Dubai Financial Services Authority (DFSA). This first-of-its-kind license allows TWIG to operate the first Automated Savings Platform from the Dubai International Financial Centre (DIFC).
TWIG was among 20 startups that participated in Batch A of the 2022 FinTech Hive Accelerator Programme, a FinTech-focused accelerator programme organised by the DIFC.
The company is now preparing to launch its mobile application that allows users to automatically funnel savings towards the goals that matter to them the most, all while developing a deeper understanding of their spending habits.
Chafic Idriss, Founder & CEO of TWIG said: “Three out of five adults in the UAE don’t have any savings plans, and financial literacy in the region remains relatively low. TWIG aims to bridge this gap by strengthening its users’ financial knowledge and behaviours, empowering them to manage their finances by alleviating its complexities. Our platform offers a user-friendly, rewarding, and safe savings solution that emboldens users to plan, track, and achieve their financial goals seamlessly.”
“The launch of our platform comes at an ideal time and will complement the UAE government’s conscious efforts to increase average household savings, as outlined in the UAE Ministry of Finance’s Saving Awareness Initiative as well as contribute to the UN’s Sustainable Development Goals” added Idriss.
“The DIFC and DFSA have extended great support, entrusting us throughout the entirety of this process. The In-Principle Approval is a testament to the credibility of our innovative business model, and as a UAE-born, bred, and raised startup, we are excited to offer our proposition across the country”, says Rayan Antonios, Co-founder of TWIG.
TWIG aims to expand its operations across the MENA region, with similar regulation approvals currently in progress in Saudi Arabia.