Revolut has received in-principle approval for its Stored Value Facilities and Retail Payment Services (Category II) licenses from the Central Bank of the UAE (CBUAE).

The approval marks a step towards Revolut launching its services in the UAE, where it plans to offer a full suite of products to retail customers.

The UAE is viewed by Revolut as a key growth market, citing its strong digital adoption, position as an international financial hub, and supportive regulatory environment.

By working with the Central Bank of the UAE, the company aims to introduce services tailored to local customer needs.

Ambareen Musa, CEO for the GCC at Revolut, said:

“Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region. Our goal is to empower individuals here with cutting-edge financial tools that offer transparency, flexibility, and control, addressing key pain points in the current financial landscape.”

Musa, who previously founded Souqalmal.com, a financial comparison platform in the Middle East, has almost two decades of experience in financial services and fintech.

Her focus on financial literacy and consumer empowerment is expected to play a role in Revolut’s UAE strategy.

The company also plans to expand hiring across the UAE in the coming months.

With its remote-first approach, Revolut said it is able to attract talent from across the region while maintaining flexibility and access to a wider pool of skilled professionals.

Revolut has been expanding beyond Europe and the UK, with operations in countries including Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India.

The UAE expansion reflects its ongoing efforts to build a presence in key international markets.

Featured image credit: Edited by Fintech News Middle East, based on image by frantic via Freepik