Revolut cleared for UAE launch after central bank approval

• Allows multi-currency accounts
• Exploring expansion into Turkey
• Invested in governance and compliance

Digital banking giant Revolut has secured regulatory approval to launch in the UAE, marking a significant step in its expansion across the Gulf and wider Middle East.

The company said it has received so-called stored value facilities and retail payment services licences from the UAE Central Bank (CBUAE), completing a regulatory process that began with in-principle approval in September last year.

The licences will allow Revolut to offer multi-currency accounts, payments, physical and virtual cards, and international money transfers once it completes operational preparations ahead of a full launch.

The UAE approval is expected to intensify competition in the country’s fast-growing digital banking and payments sector, where international and regional fintech groups are racing to attract digitally savvy consumers.

Home to a large expatriate population and significant cross-border money flows, the UAE is an attractive market for international digital banking platforms.

The move forms part of a broader regional push into the Middle East by the London-headquartered fintech, which is also exploring expansion into Turkey and Morocco, according to Bloomberg.

Mohammad Abdulrahman Alhawi, undersecretary at the UAE Ministry of Investment, said the approval marks a fresh step in the emirate’s efforts to attract leading global financial institutions.

“Revolut’s licensing approval by the Central Bank of the UAE adds to the depth of that ecosystem and reflects the growing international presence that contributes to the knowledge-based economy the UAE continues to build,” he said.

Further reading:

• Revolut’s in-principle licence clears path to UAE launch
• Revolut in for a bumpy ride as Middle East plans advance
• Revolut tipped to ‘shake up’ UAE remittance market

The UAE operation is led by Ambareen Musa, founder of the price-comparison platform Souqalmal and the AI-powered personal finance platform Yabi, who joined Revolut in 2024 to oversee its Gulf expansion.

Since receiving in-principle approval, the company said it has expanded its local team and invested in technology, operational infrastructure, governance and compliance frameworks.

Beyond the Gulf, the so-called neobank has been working to strengthen its regulatory position globally following years of rapid growth.

The company secured a long-awaited UK banking licence earlier this year and has worked to address concerns raised by European regulators over governance, risk management and product approval processes.

Founded in 2015 by chief executive Nik Storonsky, Revolut said it now serves about 75 million customers worldwide. The fintech has expanded into Mexico, applied for a US banking charter, and has explored a valuation of $200 billion in a stock market listing, according to The Financial Times.