Global fintech Revolut has secured two key regulatory approvals from the Central Bank of the UAE, clearing the path for it to launch financial services in the country for the first time.
The company announced on Wednesday that it has been granted a Stored Value Facilities licence and a Retail Payment Services (Category II) licence from the CBUAE. The dual approval marks a significant milestone for the London-headquartered firm, which counts over 75 million customers worldwide.
Once live, UAE residents will be able to access Revolut's global platform to hold and manage multiple currencies, make payments through physical and virtual cards, and send money locally and internationally, all through a single app.
Mohammad Abdulrahman Alhawi, Undersecretary of the Ministry of Investment, welcomed the development, noting that Revolut's licensing reflects the confidence international firms continue to place in the UAE's regulatory environment and its long-term vision for a knowledge-based economy.
Ambareen Musa, GCC CEO at Revolut, described the UAE as one of the most forward-looking financial markets in the world, pointing to its strong emphasis on innovation and financial inclusion as key factors behind the company's entry into the market.
The approval adds another major fintech name to the UAE's growing financial services ecosystem, reinforcing the country's position as a regional hub for global players looking to expand their footprint across the Gulf.
News Source: Emirates News Agency
