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UK FinTech firm Revolut arrives in the UAE with regulator's approval
Revolut received in-principle licenses from the UAE Central Bank to offer digital wallets and payment services, aiming to expand hiring and tap into the $44 billion remittances market.
- Revolut received in-principle approval from the Central Bank of the UAE on Tuesday, enabling plans to offer payment services to UAE retail customers.
- The UAE is viewed as a key growth market because of high digital adoption, prompting Revolut to expand beyond Europe after securing central bank approval.
- The approvals cover a Stored Value Facilities licence and a Retail Payment Services licence, allowing Revolut to store funds and process transactions under Central Bank regulations for safeguarding, anti-money‑laundering, and UAE data storage.
- Revolut will ramp up hiring across the UAE in the coming months to support its launch and operations, aiming to offer a comprehensive product experience to UAE retail customers and rank among the top three financial apps.
- Revolut, which plans to expand in the UAE, announced on Tuesday that industry data show 62% of banks explore FinTech partnerships, highlighting broader industry trends.
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14 Articles
The revolution, a financial application of more than 60 million customers at global level, announced that it had received the principle of obtaining its licence for the Digital and Retail Payment Services (category II) of the EU Central Bank (CBUAE).
Coverage Details
Total News Sources14
Leaning Left3Leaning Right2Center1Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 17%
R 33%
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