Revolut Granted Regulatory Approval by the Central Bank of the UAE to Enter the UAE Market

June 17 (Bloomberg) — Digital bank Revolut will launch services in the United Arab Emirates (UAE) after securing required licenses from the UAE Central Bank, marking its entry into the Middle East market. The UAE Central Bank has approved Revolut’s applications for two key licenses: a stored-value license and a retail payment services license. Revolut said that ahead of its official launch in the UAE, it will first build out local technology infrastructure, operational teams, and on-ground capabilities tailored to the market. Headquartered in London, Revolut is also planning further expansion across the Middle East and North Africa (MENA) region, including potential entries into Turkey and Morocco. Bloomberg reported earlier this year that Revolut has held talks to acquire Turkish digital bank FUPS to launch local financial services there. Once live, Revolut’s UAE users will gain access to its global financial platform, featuring functions like holding and managing multiple currencies, making payments via physical or virtual cards, and completing both local and international transfers directly through the app. Ambareen Musa, who oversees Revolut’s Gulf Cooperation Council (GCC) business, stated that the company looks forward to deepening its footprint in the UAE.