Global fintech Revolut has officially received its Stored Value Facilities (SVF) and Retail Payment Services (Category II) licenses from the Central Bank of the UAE (CBUAE). The approval is a critical step in the company’s plan to launch its financial services platform in the United Arab Emirates and expand its footprint across the Middle East.
Quick Facts
- Licenses Secured: Stored Value Facilities (SVF) & Retail Payment Services.
- Regulator: Central Bank of the UAE (CBUAE).
- Next Step: Full-scale market launch in the UAE.
A Strategic Milestone in Middle East Expansion
The regulatory approval completes Revolut’s licensing process in the UAE, which began with an in-principle approval granted last year. Since then, the company has been actively building its local presence by expanding its team and establishing the operational infrastructure needed for long-term growth in the country.
The new licenses empower Revolut to move forward with introducing its product suite to UAE customers, offering a single app for holding multiple currencies, using physical and virtual cards, and conducting both local and international money transfers.
UAE Welcomes Global Financial Innovation
The move was welcomed by the UAE Ministry of Investment, highlighting the country’s efforts to create a robust regulatory environment that attracts international financial technology firms.
“The UAE’s position as a global hub for financial services innovation is built on the strength of our regulatory environment and the confidence international companies continue to place in our long-term vision,” said H.E. Mohammad Abdulrahman Alhawi, Undersecretary at the UAE Ministry of Investment. “Revolut’s licensing approval by CBUAE adds to the depth of that ecosystem and reflects the growing international presence that contributes to the knowledge-based economy the UAE continues to build.”
Building a Tailored Product for the UAE
With the licenses secured, Revolut is now focused on finalizing its local product offering ahead of its official launch. Ambareen Musa, GCC CEO at Revolut, emphasized the company’s commitment to high regulatory standards and its vision for the region.
“We see tremendous opportunity to contribute to the country’s digital economy by providing consumers with more choice and greater control over how they manage their money,” said Musa. “We look forward to deepening our presence in the UAE and bringing more people access to the secure, intuitive and globally connected financial services that Revolut is known for.”
The platform is designed to cater to the UAE’s highly international population, providing a streamlined way to manage finances across different countries and currencies.
About Revolut
Revolut is a global fintech that launched in the UK in 2015, initially offering money transfer and exchange services. Today, it serves over 75 million customers worldwide with a wide range of innovative products, processing more than a billion transactions a month across its personal and business accounts.
Source: Fintech News Middle East
