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Revolut has 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.
The UK-based fintech company, which boasts a global customer base exceeding 60 million across more than 35 countries, applied for Stored Value Facilities and Retail Payment Services (Category II) licenses in the UAE and has now received preliminary approval from the local central bank.
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Revolut plans to offer a comprehensive range of financial services in the region, viewing its 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 its regional expansion.
Ambareen Musa, CEO of GCC at Revolut, stated that 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 components of Revolut’s UAE strategy.
In the coming months, the company plans to engage in active recruitment within the UAE. Utilizing 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 strategy will enable the company to build a local team capable of adapting its international products to the specific nuances 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 UK 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 US, 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.
