UAE-based Lune has launched a new app in the Middle East with the aim of improving financial literacy in the region.
It is the UAE’s first personal finance management app and allows users to gain automated insights on their spending habits, via read-only access to their bank accounts. Spending is arranged into twelve categories and users can allocate budgets for each.
As part of its education role, Lune also partnered with the Dubai International Financial Center to host a first hybrid panel discussion on the importance of financial literacy.
The panel comprised Haitham Abdulla, investment manager at National Bank of Fujairah, and Lune co-founders Helal Lootah and Alexandre Soued. It focused on providing tangible solutions that enable individuals to save and grow their wealth.
Lootah is a New York State qualified attorney and counsellor at law and worked in Dubai Courts as a case manager, while Soud is ex-Booz Allen Hamilton UAE.
The Lune app is aimed at increasing financial literacy among Millennials and Gen-Z across the Middle East. Lune is planning to introduce additional features shortly to enhance user experience and quality of life.
The firm says a significant portion of people in the region either do not save or rely on informal and inefficient channels to do so.