Revolut plans UAE debut after securing central bank approval
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Revolut was approved for Stored Value Facilities and Retail Payment Services licences.
PHOTO: REUTERS
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DUBAI - Revolut is planning to launch its services in the United Arab Emirates (UAE) after the fintech behemoth secured initial approval for licences from the country’s central bank.
The central bank of the UAE approved Revolut’s application for so-called Stored Value Facilities and Retail Payment Services licences, according to a statement. The fintech now plans to ramp up its hiring efforts in the country over the coming months.
“Receiving these in-principle approvals from the central bank of the UAE is a pivotal step for Revolut in the region,” said Ms Ambareen Musa, who leads the firm’s operations in the Gulf Cooperation Council.
Revolut is a London-headquartered digital bank that offers checking and savings accounts, international money transfers, cryptocurrency and stock trading as well as bill paying and budgeting tools.
The fintech has rapidly expanded into new markets in recent years and now has operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US and India, according to the statement.
The company aims to become one of the top three financial apps in every market it enters. BLOOMBERG
