Revolut today announced it has received in-principle approval for its Stored Value Facilities and Retail Payment Services (Category II) licences from the Central Bank of the UAE (CBUAE). „This significant achievement signals Revolut’s plans to launch in the UAE, with the aim of offering a comprehensive product experience to retail customers.” – according to the press release.
„The UAE represents a pivotal growth market for Revolut, driven by its dynamic economy, high digital adoption rates, and strategic position as a global financial hub. The region’s forward-thinking regulatory environment and strong demand for innovative financial solutions make it an attractive destination for both investment and expansion.” – the company said.
Ambareen Musa, CEO of GCC at Revolut, added: „Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region. 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. We are committed to setting a new standard for financial services worldwide, and eagerly anticipate bringing Revolut to the dynamic UAE market.”
Ambareen Musa, CEO of GCC at Revolut, brings almost two decades of experience in financial services and fintech, including founding Souqalmal.com, a leading financial comparison platform in the Middle East. Her focus on financial literacy and consumer empowerment in the region is central to Revolut’s strategy for the UAE market.
Revolut continues to grow its presence outside of Europe and the UK, with operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India, and is working toward becoming one of the top three financial apps in every market it enters.
„Revolut is about to enter the 2nd fastest-growing Fintech market in the world. And they’re ideally placed to win the massive (and growing) Expat exodus from Europe (and the rest of the world) to the UAE.” says Simon Taylor, Strategic Advisor Sardine.
He continues: „Think about it. Revolut is the master of cross-border. The UAE is growing fast but served almost entirely by local players (who’s quality is… ok at best).
Revolut is playing for 300,000 New Customers Every Year. UAE’s population jumped from 3.17 million to 12.5 million since 2000. Net migration: +300,000 people annually. Every 12 months, a city the size of Birmingham lands in UAE needing bank accounts, payment rails, and cross-border solutions. 88% are expats – the highest concentration globally outside Vatican City.”
In conclusion, Simon considers that: „The UAE is world’s most underestimated fintech market. Smart market expansion move to follow the migrants. They’re exiting the UK en masse, because the tax burden on the middle class is the largest in the world. Bar none. Revolut appeals to those aspiring types.”
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