Revolut has received in-principle approval from the Central Bank of the UAE (CBUAE) for its Stored Value Facilities and Retail Payment Services (Category II) licences, signalling its imminent launch in the UAE market.
The move positions the London-based fintech, which now serves over 60 million customers worldwide, to roll out a suite of financial services to UAE retail customers.
Revolut says it will ramp up hiring in the coming months as it builds out a local team, led by Ambareen Musa, CEO of GCC at Revolut and founder of Souqalmal.com.
Musa, commented:
“Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region. Our goal is to empower individuals here with cutting-edge financial tools that offer transparency, flexibility, and control, addressing key pain points in the current financial landscape. We are committed to setting a new standard for financial services worldwide, and eagerly anticipate bringing Revolut to the dynamic UAE market.”
The UAE is one of Revolut’s most strategic new markets, following launches in Australia, Brazil, Mexico, Japan, Singapore, the US, and India. The company is aiming to be among the top three financial apps in every geography it enters.
Rivals in the digital banking and payments space include Wio, Yap, and Zand, all of which are competing for a growing consumer base amid accelerating adoption of digital wallets and cross-border payment platforms.
