Revolut has received in-principle approval from the Central Bank of the UAE for key regulatory licences, paving the way for its launch in one of the world’s fastest-growing fintech markets. The fintech giant is set to roll out digital banking and payment services in the UAE after securing approval for Stored Value Facilities and Retail Payment Services (Category II), which enable safe storage of customer funds and robust payment solutions for retail customers.
The UAE is increasingly recognized for its dynamic financial ecosystem, high digital adoption, and strategic position as a global fintech hub, making it a prime destination for international fintech firms like Revolut. This regulatory green light signals Revolut’s commitment to empowering UAE residents with a seamless, transparent, and flexible financial experience tailored to local needs. Ambareen Musa, newly appointed CEO for Revolut’s Gulf operations and founder of Souqalmal.com, will lead hiring efforts to build strong local expertise, reflecting the firm’s deeper investment in the region.
Revolut’s expansion aligns with its broader strategy to become a top-tier financial app in every market, offering a comprehensive suite of services including everyday payments, currency exchange, budgeting tools, and investment access. The company already serves over 60 million customers worldwide, with a footprint spanning Europe, the US, Brazil, Japan, Singapore, India, and now, the UAE.
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As banks and fintechs collaborate more closely to drive cross-border payments and innovation, Revolut’s entry is expected to boost competition and elevate financial solutions across the Emirates. The approval represents a pivotal milestone for the fintech disruptor and highlights the UAE’s forward-thinking regulatory environment and commitment to digital transformation.
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