Digital banking group Revolut is preparing to launch accounts, cards and international money transfers in the UAE after securing regulatory approvals, while also advancing plans for cryptocurrency services.
The London-headquartered fintech received stored value facilities and retail payment services licences from the Central Bank of the UAE in June. It has also obtained in-principle approval from Dubai’s Virtual Assets Regulatory Authority for a virtual asset service provider licence.
Revolut, founded in 2015 by chief executive Nik Storonsky, serves more than 75 million customers worldwide. Its GCC business is led by Ambareen Musa, the Mauritian fintech entrepreneur who founded financial comparison platform Souqalmal, later renamed Yabi, before joining the company in 2024.
Speaking to AGBI, Musa said the company’s immediate priority is preparing for launch and completing the remaining regulatory and operational requirements. Revolut is investing in its technology, operations and local team, she said.
Musa identified cross-border payments as a key opportunity in the UAE, where customers frequently send, receive and spend money internationally. According to the company, Revolut aims to combine payments, foreign exchange and spending tools in one app.
She also said Revolut uses AI in fraud prevention, customer support and operations. Over time, AI could help digital banking apps provide more proactive financial guidance while maintaining security, privacy and regulatory compliance, Musa said.
Source: AGBI
