Global financial super-app Revolut has taken its most significant step yet toward launching in the United Arab Emirates, after receiving in-principle approval (IPA) for key payments licences from the Central Bank of the UAE (CBUAE). The milestone signals the impending arrival of one of the world’s largest fintechs, setting the stage for a major shake-up in the country’s consumer finance sector.
By The Numbers
- Global Customers: 60+ Million
- Licences (IPA): Stored Value Facilities & Retail Payment Services
- Regulator: Central Bank of the UAE (CBUAE)
- GCC CEO: Ambareen Musa
A Crucial Regulatory Milestone
The in-principle approval is a critical regulatory green light that allows Revolut to proceed with its operational setup ahead of a full market launch. This moves the company’s long-anticipated entry into the UAE from a possibility to a near-term probability, pending final regulatory sign-offs. Revolut aims to offer a comprehensive suite of its financial products to retail customers in the country.
Targeting a Key Growth Market
Revolut has identified the UAE as a pivotal growth market, citing its dynamic economy, high rates of digital adoption, and strategic position as a global financial hub. The company has been working in close collaboration with the CBUAE to meet the region’s forward-thinking regulatory standards.
“Our goal is to empower individuals here with cutting-edge financial tools that offer transparency, flexibility, and control,” said Ambareen Musa, CEO of GCC at Revolut. “We are committed to setting a new standard for financial services worldwide, and eagerly anticipate bringing Revolut to the dynamic UAE market.”
Led by a Regional Veteran
Revolut’s regional expansion is being helmed by Ambareen Musa, a well-known figure in the Middle East’s fintech scene. As the founder of Souqalmal.com, a leading financial comparison platform, Musa brings nearly two decades of local market experience and a deep focus on financial literacy, which is central to Revolut’s strategy for the UAE. Following the IPA, the company is expected to ramp up its hiring efforts across the country.
About Revolut
Revolut is a global fintech with over 60 million customers worldwide. Launched in the UK in 2015, the company offers dozens of innovative products across personal and business accounts, including money transfers, currency exchange, savings, and investments, processing more than half a billion transactions a month.
Looking Ahead
Revolut’s impending launch is set to significantly intensify competition in the UAE’s consumer finance and payments landscape. Its feature-rich, globally recognized platform will challenge both established local banks and homegrown fintech startups. For consumers, this promises greater choice and innovation, while for the ecosystem, it validates the UAE’s status as a top-tier destination for major global technology players.
Source: Zawya
