Revolut is set to launch in the UAE after obtaining in-principle approval from the central bank of the Gulf region.
The approval for Stored Value Facilities and Retail Payment Services (Category II) licenses marks a significant growth opportunity for Revolut, positioning it as an attractive destination for investment and expansion.
To lead its efforts in the Gulf, Revolut has appointed Ambareen Musa, the founder of a Middle Eastern financial comparison platform, as CEO. Musa stated, “Receiving these in-principle approvals from the Central Bank of the UAE is a vital step for Revolut in the region. We are dedicated to setting a new standard for financial services worldwide and look forward to entering the vibrant UAE market.”
The company plans to increase its hiring across the UAE in the coming months in preparation for its launch.
Revolut is also expanding its presence beyond Europe and the UK, with operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India, aiming to become one of the top three financial apps in each new market.