Revolut, the global financial services app boasting over 60 million users worldwide, has announced that it has obtained preliminary approval for a stored value facility and retail payment services (Category II) license from the Central Bank of the UAE (CBUAE). This significant step paves the way for Revolut to launch its services in the United Arab Emirates, aiming to provide customers with a comprehensive product experience.
The UAE represents a vital growth market for Revolut due to its dynamic economy, high rates of digital transformation, and its 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 investment and expansion. By closely collaborating with the Central Bank of the UAE, Revolut is poised to deliver exceptional outcomes for customers, thereby ushering in a new era of financial flexibility in the region.
Ambrin Musa, CEO of Revolut for the Gulf region, stated, “Securing preliminary approvals from the Central Bank of the UAE is a pivotal milestone for Revolut in the region. Our goal is to empower individuals here with access to advanced financial tools that offer transparency, flexibility, and control, while addressing challenges in the current financial landscape. We are committed to setting new standards for financial services globally and look forward to launching Revolut in the dynamic UAE market.”
Talent Acquisition
Revolut will also ramp up its recruitment efforts in the UAE over the coming months. With a remote-first approach, the company is uniquely positioned to attract top talent from across the region, enhancing flexibility and inclusivity while providing access to a broader pool of highly skilled professionals.
Continuing to expand beyond Europe and the UK, Revolut has operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the United States, and India, and aims to become one of the top three financial apps in every market it enters. The company’s broader expansion into the UAE underscores its ongoing commitment to global growth and delivering localized solutions that benefit customers worldwide. By establishing a presence in key markets like the UAE, Revolut continues to enhance its reach and fulfill its overarching vision of empowering individuals around the globe to have greater control over their finances.