UK-based financial technology firm Revolut has announced that the Central Bank of the UAE (CBUAE) has granted in-principle approval for its Stored Value Facilities and Retail Payment Services (Category II) licences.
This development is a crucial step for Revolut as it prepares to launch its services in the UAE, where it plans to offer a range of products to retail clients.
According to Revolut, the UAE market is of significant interest due to its strong economic backdrop, high digital adoption rates, and strategic status as an international financial hub.
The region’s regulatory environment supports innovation in financial services, making it an attractive destination for its expansion strategy, said Revolut.
In collaboration with the CBUAE, the fintech firm intends to introduce its services to enhance financial flexibility and meet consumer demands in the region.
To support this expansion, Revolut will increase its recruitment efforts in the UAE over the coming months. The company’s remote-first work model enables it to attract skilled professionals from across the region, fostering a flexible and inclusive workforce.
Ambareen Musa, CEO of Gulf Cooperation Council (GCC) at Revolut, is expected to play a central role in driving the company’s strategy in the UAE.
Musa brings nearly two decades of experience in financial services and fintech, having previously founded Souqalmal.com, a key financial comparison platform in the Middle East. Revolut said that her expertise in financial literacy and consumer empowerment aligns with objectives for the UAE market.
Musa said: “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.”
Revolut’s growth strategy extends beyond Europe and the UK, with existing operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India.
In addition to its expansion efforts, Revolut has strengthened its partnership with Google Cloud through a new multi-year agreement valued at millions. This partnership will leverage Google’s secure infrastructure to support Revolut’s expanding global platform and ensure robust service performance as user numbers increase.
The collaboration will also employ Google’s artificial intelligence (AI) and machine learning tools to enhance fraud detection and develop more tailored product offerings for customers.
