TWIG granted In-Principle Approval to operate the first DFSA-approved and DIFC-incorporated Automated Savings Platform
27, October, 2022 – TWIG Solutions Ltd (“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 start-ups that participated in Batch A of the 2022 FinTech Hive Accelerator Programme; the region’s leading FinTech-focused accelerator programme organized 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 behaviors, 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 governments’ 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 start-up we are excited to offer our proposition across the country”, says Rayan Antonios, Co-founder of TWIG.
TWIG aims to expand their operations across the MENA region, with similar regulation approvals currently in progress in Saudi Arabia.
– Ends –
TWIG is a personal finance management application that empowers people to gain better control over their financial decisions. TWIG promotes financial wellbeing by equipping users with essential tools including automated savings, goal setting, smart budget tracking, personalized data-driven insights and tailored financial education modules. By advocating healthy financial habits, TWIG contributes to a more financially savvy and secure community.
The company is founded by Chafic Idriss, Karam El Dik and Rayan Antonios and its current investors include leading senior executives from the Financial Services industry in the GCC, global family offices.