Revolut, a leading British neobank, has received preliminary approval from the Central Bank of the United Arab Emirates (UAE), allowing the company to commence operations in one of the world’s most dynamic financial markets. The regulator has approved the company’s applications for licensing fund storage services and providing retail payment services.
This is reported by Business • Media
Launch of Operations and Strategic Plans in the Region
After receiving the permit, Revolut is preparing to launch payment services and electronic wallets, as well as plans to expand its team in the UAE over the coming months. According to company representatives, the country has become a key platform for development due to its active digital transformation, dynamic economy, and status as a leading financial hub in the region.
“Receiving preliminary approval from the Central Bank of the UAE is a key step for Revolut in the region. Our goal is to provide people with modern financial tools that ensure transparency, flexibility, and control, addressing the main issues of the current financial system. We aim to set a new standard for financial services globally and look forward to launching in the dynamic UAE market,” said Ambarin Musa, who leads the company’s operations in the Gulf Cooperation Council countries (CEO GCC).
International Expansion and Further Initiatives
Revolut, headquartered in London, offers a wide range of financial services: bank accounts, international transfers, cryptocurrency and stock trading, as well as expense management tools. In recent years, the company has actively expanded its presence in the markets of Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the USA, and India. Revolut’s strategic goal is to become one of the top three most popular financial apps in each country of operation.
The entry into the UAE market coincides with other major initiatives by the company:
- In May 2025, it was announced that Revolut would invest €1 billion in business development in France and open a new headquarters in Paris;
- In June, the company was in talks to launch its own stablecoin in response to changes in US regulatory policy;
- In July, there was news of plans to raise up to $1 billion in the next funding round at a valuation of $65 billion, with potential investors including Greenoaks and Mubadala from Abu Dhabi.
Thus, the new stage of Revolut’s development in the UAE is a logical continuation of its global strategy to expand its presence in key financial markets worldwide.