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Savii prepares for launch in the UAE
UAE based challenger bank Savii is getting prepared for its launch with plans to bring digital banking to the youth market. The Dubai-based start-up currently has waiting list, but will offer an app and prepaid debit card with parental controls for children who are aged 11 to 18.
While the concept isn’t unique, its approach has been catching on worldwide with Californian finance company Step officially launched its free FDIC insured bank account, Starling Bank’s Kite and Visa card for the teenage market. The idea is to offer a personalised card that has no interest or fees, and help teens “build positive credit”.
Savii was founded by Jane Harvey and Nichola Collinson, who want people to be savvy by using their neobank, giving parents have visibility of the account, while teens “gain financial independence and learn how to earn, spend, save and budget responsibly”.
For example, parents can automate regular allowance payments and set tasks for teens to earn extra money. Teens can shop online and in-store using their own prepaid debit card. Savii explains that all purchases are recorded in the app so teens become more aware of their spending habits.
Additionally, teens can create ‘pots’ for spending and saving – and these automatically allocate funds as soon as their allowance hits their account. With savings, users have the option to round up transactions directly to savings pots. What’s more, parents get plenty of control over the account – such as the ability to set limits on spending, block usage in certain types of stores or even ATM withdrawals.
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