Revolut Secures In-Principle Approval for UAE Payments Licence, Accelerating Expansion Plans in the Region

Revolut, the global financial app with over 60 million customers worldwide, today announced it has received in-principle approval for its Stored Value Facilities and Retail Payment Services (Category II) licences from the Central Bank of the UAE (CBUAE). This significant achievement signals Revolut’s plans to launch in the UAE, with the aim of offering a comprehensive product experience to retail customers.

The UAE represents a pivotal growth market for Revolut, driven by its dynamic economy, high digital adoption rates, and strategic position as a global financial hub. The region’s forward-thinking regulatory environment and strong demand for innovative financial solutions make it an attractive destination for both investment and expansion. By working in close collaboration with the Central Bank of the UAE, Revolut is poised to deliver exceptional results for customers, ushering in a new era of financial flexibility in the region.

Ambareen Musa, CEO of GCC at Revolut, added: “Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region. Our goal is to empower individuals here with cutting-edge financial tools that offer transparency, flexibility, and control, addressing key pain points in the current financial landscape. We are committed to setting a new standard for financial services worldwide, and eagerly anticipate bringing Revolut to the dynamic UAE market.”

Ambareen Musa, CEO of GCC at Revolut, brings almost two decades of experience in financial services and fintech, including founding Souqalmal.com, a leading financial comparison platform in the Middle East. Her focus on financial literacy and consumer empowerment in the region is central to Revolut’s strategy for the UAE market.

Revolut will also ramp up hiring efforts across the UAE over the coming months. With its remote-first approach, the company is uniquely positioned to attract top talent from across the region, fostering flexibility, inclusion, and access to a broader, highly skilled talent pool.

Revolut continues to grow its presence outside of Europe and the UK, with operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India, and is working toward becoming one of the top three financial apps in every market it enters.

Revolut’s expansion into the UAE further underscores the company’s relentless commitment to global growth, and providing localised solutions to benefit customers across the world. By establishing a presence in key markets like the UAE, Revolut continues to extend its reach and fulfil its overarching vision of empowering individuals and businesses worldwide with greater control over their finances.