Revolut has received in-principle approval for a payments license in the United Arab Emirates (UAE), a decision welcomed by the company as a step towards expanding its operations in the Gulf region.
In a statement, Revolut noted that it had been granted “in-principle approval for its ‘Stored Value Facilities’ and ‘Retail Payment Services’ (Category II) licenses by the Central Bank of the United Arab Emirates (CBUAE).
The UAE is viewed by the financial firm as a strategic growth market due to its economy and high digital adoption rates.
Revolut’s Executive Chair of the Gulf Cooperation Council, Ambareen Musa, highlighted these approvals as “a crucial step for Revolut in the region” in the document.
The statement further mentions that Revolut will enhance recruitment in the UAE in the coming months, with a strategy focused on remote work.
“By establishing a presence in key markets such as the UAE, Revolut continues to extend its reach and realize its vision of empowering individuals worldwide with greater control over their finances,” the company stated.
Revolut currently has over 60 million customers globally.
