Revolut, a Global Fintech company, has secured in-principle approval from the Central Bank of the UAE (CBUAE) and is planning to launch its services in the United Arab Emirates (UAE) to offer a comprehensive product experience to retail customers.
According to the company’s official announcement, the approval covers mainly two regulatory licenses: Stored Value Facilities and Retail Payment Services (Category II). These will allow Revolut to operate as a digital payment provider in the UAE. The London-based firm, which currently serves over 60 million customers globally, confirmed that the move sets the stage for a full-scale market entry in the near future.
“Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region,” said Ambareen Musa, CEO of GCC at Revolut, “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.”
Plans to Scale Hiring, Localize Product Offering
With the regulatory groundwork in place, Revolut plans to ramp up hiring across the UAE in the coming months. The firm says it intends to introduce a fully localized product tailored to UAE consumers, including services such as multi-currency accounts, international transfers, budgeting tools, and cryptocurrency trading.
The debut in the UAE is a component of Revolut’s broader ambition to penetrate important international markets. Revolut is currently operating in countries including the United States, India, Australia, Brazil, Japan, and Singapore. It aims to become one of the top three financial apps in every market it enters.
The UAE’s position as a global financial hub, combined with its openness to innovation and technology, makes it an attractive destination for Revolut’s next chapter. As of now, no official launch date has been announced, but the company says further details will follow once the full licensing process is complete.
Also Read: Ripple Teams Up with BBVA for Crypto Custody in Spain
