Revolut receives in-principle approval for UAE payment licences from Central Bank

Dubai: Revolut, the UK-headquartered financial technology firm, has received in-principle approval from the Central Bank of the UAE (CBUAE) for two key regulatory licences: the Stored Value Facilities and Retail Payment Services (Category II). The approvals mark a significant milestone in Revolut’s plans to launch its services in the UAE.

The in-principle approvals allow Revolut to move forward with preparations to offer payment services to retail customers in the UAE, pending final regulatory approval. If fully licensed, Revolut would be authorised to store customer funds and provide a range of digital payment solutions.

The UAE is viewed as a key growth market for fintech firms due to its high rate of digital adoption, expanding financial services sector, and efforts to position itself as a global fintech hub. Revolut’s entry would add to the growing number of international financial services players establishing a footprint in the Gulf region.

Ambareen Musa, CEO of GCC at Revolut, said the approvals represent a “pivotal step” for the company’s regional expansion plans. Musa, who previously founded the regional comparison platform Souqalmal.com, brings nearly two decades of experience in financial services and fintech.

As part of its UAE market entry, Revolut is expected to scale up hiring across the country in the coming months. The company, which operates a remote-first model globally, aims to attract talent across the region to support its operations and future growth.

Revolut currently serves more than 60 million customers worldwide and is expanding beyond Europe and the UK into markets including the US, Brazil, Japan, Singapore, India, and now the UAE. The company’s broader strategy involves becoming a top-tier financial app in each market it enters, offering services that range from everyday payments to currency exchange and investment tools.

The UAE move reflects Revolut’s ongoing push to expand its international footprint and to develop locally compliant, tech-driven financial solutions tailored to individual markets.