Revolut, the global fintech company serving more than 75 million customers worldwide, announced on Wednesday that it has obtained approval from the Central Bank of the United Arab Emirates (CBUAE) for both a Stored Value Facilities (SVF) licence and a Retail Payment Services (Category II) licence.
The licensing approval marks a key regulatory milestone for Revolut as it prepares to expand its operations in the UAE, one of the region’s most dynamic financial hubs. The Central Bank’s authorisation will enable the company to offer a broader range of digital financial services in the country under the UAE’s regulated payments framework.
Mohammad Abdulrahman Alhawi, Undersecretary of the Ministry of Investment, highlighted the significance of the approval, stating that the UAE’s position as a global centre for financial services innovation is underpinned by a strong regulatory environment and the continued confidence of international companies in the nation’s long-term economic vision. He added that Revolut’s entry into the licensed ecosystem further strengthens the UAE’s growing knowledge-based economy.
Ambareen Musa, GCC Chief Executive Officer at Revolut, said the UAE represents one of the world’s most forward-thinking financial markets, driven by a strong commitment to innovation and financial inclusion.
Once operational in the UAE, Revolut will enable customers to access its global financial platform through a single application, allowing them to hold and manage multiple currencies, conduct domestic and international money transfers, and make payments using both physical and virtual cards, offering a seamless and integrated digital banking experience.
