UK's Revolut enters Middle East fintech market with UAE licenses
The Central Bank of the UAE has granted Revolut in-principle approval for stored value facilities and retail payment services licenses.
British fintech company Revolut has secured approval to expand in the United Arab Emirates, marking its entry to the Middle East.
Founded in 2015, the London-based firm offers a suite of financial services including digital banking, international transfers, cryptocurrency accounts, budget tracking and card management. Its cards are now accepted in more than 90 countries.
What happened: The Central Bank of the UAE has granted Revolut in-principle approval for two key licenses: one covering stored value facilities — the regulatory term for e-wallets and prepaid cards — and another for retail payment services.
The approval marks a shift for Revolut in the UAE, where its services had until now been limited to niche products such as eSIMs and travel cards for short-term visitors. The company said it plans to step up hiring in the UAE in the coming months to support the expansion.
