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Revolut has obtained in-principle approval from the Central Bank of the UAE for Stored Value Facilities and Retail Payment Services (Category II) licences, marking a major step in its Middle East expansion strategy.
The approval provides the UK-based fintech with a strong platform to scale operations and attract investment in the Gulf region. To lead its UAE growth drive, Revolut has appointed Ambareen Musa, founder of regional financial comparison platform Souqalmal, as Chief Executive Officer.
Commenting on the milestone, Musa said: “Receiving these approvals is a pivotal step for Revolut in the region. We are committed to setting a new benchmark for financial services and look forward to bringing our platform to the dynamic UAE market.” She added that Revolut will accelerate hiring across the UAE in preparation for its launch.
The UAE approval further extends Revolut’s global footprint beyond Europe and the UK, where it already operates in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India. The company aims to establish itself as one of the top three financial apps in every market it enters.
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