Revolut is planning to launch in the United Arab Emirates after securing initial regulatory approval from the country’s central bank.
It’s part of the fintech’s wider push into the Gulf region, which includes the recent hiring of Ambareen Musa, former CEO of Middle East personal finance app Yabi, to spearhead growth in the region. Last year, reports indicated the company is also planning to expand to Saudi Arabia.
On Tuesday, the Central Bank of the UAE gave the green light to Revolut’s application for a Stored Value Facilities licence and a Retail Payment Services licence. This will allow Revolut to offer its financial app and digital payment services to UAE customers.
"Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region,” says Musa. “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.”
Revolut now plans to ramp up hiring efforts across the region.
Revolut’s move into the UAE follows a recent push into other markets, including France. Last week, Revolut hired Frédéric Oudea, the former CEO of French banking giant Société Générale, to chair its Western European operations.
Founded in 2015, Revolut is Europe’s most valuable fintech company. It provides dozens of services and products, including business banking, stocks and shares trading and pet insurance. It has more than 60m customers and operates in over 30 different countries.
