Revolut received its Stored Value Facilities and Retail Payment Services (Category II) licences from the Central Bank of the UAE, following in-principle approval last year, as the bank cements its regulatory standing in the UAE.
The licences follow the in-principle approval granted to Revolut by the CBUAE in September 2025 and signify the successful completion of the company’s licensing process in the region.
Revolut moved into the UAE as the first entry market into the GCC as Musa spoke about the firm’s entry with Arabian Business in September last year.
Since securing the initial approval, the firm has increased its presence in the UAE by expanding its local team and investing in the necessary infrastructure and capabilities.
H.E. Mohammad Abdulrahman Alhawi, Undersecretary of the UAE Ministry of Investment, said that “Revolut’s licensing approval by the Central Bank of the UAE adds to the depth of that ecosystem and reflects the growing international presence that contributes to the knowledge-based economy the UAE continues to build.”
Ambareen Musa, GCC CEO, Revolut emphasised the significance of the licensing approval as the move “reflects [the] commitment to operating to the highest regulatory standards. [The] UAE is one of the most forward-looking financial markets globally, with a strong vision for innovation and financial inclusion.”
The firm has yet to decide on its regional base despite choosing the UAE as the entry market in the Gulf.
Once operational, the platform will allow UAE customers to manage multiple currencies, make payments with both physical and virtual cards while sending money domestically and internationally through a single app.
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