British digital finance company Revolut is preparing to commence its operations in the United Arab Emirates, in collaboration with the UAE Central Bank, after recently receiving initial approval to launch its services. The company announced it is currently establishing its regulatory and technical infrastructure ahead of an official launch.
Targeting the Expat Market
Revolut is strategically positioning itself to address a significant segment of the UAE’s financial landscape: the large expatriate community. The company plans to offer low exchange rates and competitive transfer fees, aiming to capture a substantial share of the country’s robust international remittance market. Konstantinos Adamos,
Group Chief Legal Officer and a board member of Revolut Digital Assets, highlighted the “big opportunity in the Emirati market” due to the high volume of international transactions and diverse user base. To cater to this diversity, Revolut is also considering offering multi-language support, including Arabic, to ensure a comprehensive banking experience for all customers.
A Comprehensive Financial Super App
The company’s future plans for the UAE extend beyond simple money transfers. Revolut intends to introduce a suite of financial products, including payment cards, local and international transfers, and multi-currency accounts. The platform is also expected to roll out digital solutions for investing, budget management, and cryptocurrency trading, positioning itself as an all-in-one financial super app for consumers.
Global Expansion and Regulatory Focus
Revolut’s entry into the UAE is a key part of its broader international expansion strategy. The company recently announced plans to enter 30 new markets and create 10,000 global jobs by 2030, supported by an investment of approximately $13 billion. With a current market valuation of around $75 billion and a user base of 65 million worldwide, its arrival is set to intensify competition in the UAE’s fintech sector.
Adamos emphasized that Revolut is investing heavily in regulatory compliance and combating financial crime, utilizing specialized teams, advanced technology, and artificial intelligence to enhance compliance and improve customer experience.
About Revolut
Founded in 2015, Revolut began by offering prepaid cards with no foreign transaction fees. It has since evolved into a comprehensive financial application that provides a wide range of digital financial services for both individuals and businesses.
Source: Jawlah
