On March 17, 2023, California-based SVB Financial Group, the parent of Silicon Valley Bank (SVB) filed for bankruptcy after weeks of speculation had already led to volatility across the U.S. and global financial stock markets. While this left many players in the banking and Fintech industries feeling the pressure, some leaders in the Fintech world are clearly feeling optimistic. “This is Fintech’s time to shine,” says Mark Chahwan, Co-founder and CEO of U.A.E.-based investment platform Sarwa. “Fintechs were born after the 2008 financial crisis. People had lost trust in banks and sought alternative financial services. Technology and access today make it a lot easier to diversify. A lot of services that were once reserved for the 1% are now available to all.”
Having been established in 2017, Sarwa—meaning “wealth” in Arabic—today employs around 50 people and offers four main products via its app. Sarwa Invest is the long-term investment arm, whereby clients create personalized portfolios and choose their risk profile, and fees are charged based on assets under management. Sarwa Trade is a zero-commission “do-it-yourself” trading platform, with revenue streams coming from the foreign exchange market. And Sarwa Save, which launched in February 2023, is a high-yield cash account, which Sarwa offers through banking partners, whereby clients earn interest on their cash while Sarwa takes a small percentage. In 2022, the company also launched Sarwa Crypto, which allows customers to trade Bitcoin, Ethereum, and other coins. All products are regulated by the Abu Dhabi Global Market’s Financial Services Regulatory Authority, and Sarwa Invest is also regulated by Dubai’s Financial Services Authority.
This story is from the April 2023 edition of Forbes Middle East - English.
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This story is from the April 2023 edition of Forbes Middle East - English.
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