Revolut has secured in-principle approval from the Central Bank of the UAE for its Stored Value Facilities licence and Retail Payment Services (Category II) licence, paving the way for its launch in the UAE.
The licences will allow Revolut to issue digital wallets and manage prepaid account services. This approval must be followed by full licensing before Revolut can roll out services to retail customers in the UAE, including payments and money storage.
Ambareen Musa, Revolut’s CEO for the Gulf region, said the approvals represent a pivotal regional milestone and echoed the company’s goal to offer financial services that meet key needs around transparency, control and flexibility.
Revolut plans to scale hiring in the UAE with a remote-first approach and aims to tap into the country’s high digital adoption and regulatory environment that supports innovation in financial services.
The UAE entry comes as Revolut extends its global footprint beyond Europe, already operating in markets such as Australia, Brazil, India, Japan, New Zealand, Singapore, the United States and Mexico. The company aims to rank among the top three financial apps in every market it operates.
Revolut joins a growing number of fintechs expanding into the Gulf, attracted by evolving regulation and high digital demand. The UAE payments market is crowded but among the most valuable globally, with remittances worth over $50 billion annually.
The approvals provide Revolut with the necessary framework to safeguard customer funds, adhere to anti-money-laundering rules, and comply with data storage requirements that mandate domestic hosting.
