Revolut, the global financial super app, has received in-principle approval from the Central Bank of the UAE (CBUAE) for its Stored Value Facilities (SVF) and Retail Payment Services (Category II) licences.
These approvals will enable Revolut to issue digital wallets, store customer balances, process merchant payments, and integrate with the UAE’s new instant payment infrastructure, once final requirements are met. The CBUAE clarified that this approval is not a full licence, as Revolut must still satisfy additional regulatory conditions before commencing operations.
To spearhead its regional expansion, Revolut appointed Ambareen Musa as its CEO for the GCC. Musa is widely recognised as the founder of Souqalmal.com, one of the Middle East’s earliest financial comparison platforms, later acquired by Shuaa Capital. Commenting on the milestone, Musa said: “Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region. We are committed to setting a new standard for financial services worldwide, and eagerly anticipate bringing Revolut to the dynamic UAE market.”
The company also plans to ramp up local hiring across compliance, product, and marketing roles, with vacancies already listed in Dubai.
Founded in 2015, Revolut has grown into one of Europe’s largest fintechs, serving more than 40 million customers. Outside Europe, Revolut operates in the US, Australia, Brazil, Singapore, and India, and continues to pursue global expansion.
Despite its rapid growth, the company has faced regulatory challenges. Earlier this year, Lithuania’s central bank fined Revolut €3.5 million for anti-money laundering control deficiencies, though regulators confirmed no illicit activity was identified.
With the UAE accelerating payment digitisation, widespread smartphone adoption, and a young consumer base, Revolut is well-positioned to compete with both local and global players, aiming to capture a share of one of the region’s most dynamic and lucrative markets.
