Revolut received preliminary approval from the Central Bank of the United Arab Emirates (CBUAE) to obtain a local license as a retail payment services provider and stored value facilities operator.
U.K.-based FinTech company Revolut, whose global customer base exceeds 60 million across more than 35 countries, applied for Stored Value Facilities and Retail Payment Services (Category II) licenses in the UAE and received preliminary approval from the local central bank.
Revolut plans to offer a full range of financial services in the region, viewing entry into the UAE market as a strategic growth milestone. The company aims to leverage the UAE’s high level of digitalization and its status as an international financial hub to accelerate regional expansion.
According to Ambareen Musa, CEO of GCC at Revolut, approval from the CBUAE marks a key stage in the company’s expansion. She emphasized that Revolut’s goal is to provide clients in the region with modern financial management tools that combine transparency, flexibility, and control. Musa also noted that promoting financial literacy and strengthening consumer empowerment are integral parts of Revolut’s UAE strategy.
In the coming months, the company plans active recruitment in the UAE. With its remote-first hiring approach, Revolut intends to attract specialists from across the region, offering flexible employment conditions and access to a global corporate culture. This will allow the company to build a local team capable of adapting its international product to the specifics of the UAE market.
The company’s entry into the UAE market is part of Revolut’s broader global expansion strategy. In addition to the U.K. and Europe, where it also provides Bitcoin payment services via the Lightning Network, the neobank operates in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the U.S., India, and many other countries. Recently, it was also announced that Revolut will launch instant money transfers to mainland China through the Alipay payment system.
