Revolut wins in-principle approval from the Central Bank of the UAE for payments licences.
The move signals plans to launch in the UAE, targeting a digitally savvy market.
CEO GCC Ambareen Musa says Revolut aims to bring transparency, flexibility and control to UAE customers.
Revolut, the global financial app with more than 60 million users, is preparing to enter the UAE after securing in-principle approval from the Central Bank of the UAE (CBUAE) for its Stored Value Facilities and Retail Payment Services (Category II) licences.
The approval marks a major milestone for the fintech giant, which has been steadily expanding beyond Europe and the UK into markets including Australia, Brazil, Mexico, Singapore and India. For Revolut, the UAE offers the perfect mix: a dynamic economy, high levels of digital adoption, and a regulatory environment keen to attract innovative financial players.
Ambareen Musa, CEO of GCC at Revolut, said the approvals represent a defining moment for the company’s regional ambitions:
“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.”
The UAE has been steadily positioning itself as a global financial hub, with regulators open to new models and digital-first solutions. For Revolut, this provides a chance to compete directly in a region where demand for fast, transparent, and flexible financial services is rapidly growing.
Musa herself brings nearly two decades of fintech and financial services experience to the role, including her time as the founder of Souqalmal.com, a Middle East comparison platform known for its focus on financial literacy. That focus on consumer empowerment is expected to be central to Revolut’s UAE strategy.
Revolut plans to ramp up hiring across the UAE in the months ahead. With its remote-first model, the company says it can attract talent from across the region while offering greater flexibility and inclusion.
The UAE expansion continues Revolut’s push to become one of the top three financial apps in every market it enters, and further cements its global ambitions. For UAE customers, it could mean greater access to smarter tools to save, spend, and manage money — and a fintech player ready to challenge traditional banking models head-on.
By
Staff Writer
