British fintech giant Revolut has taken a significant step towards officially entering the United Arab Emirates market. The company has received in-principle approval from the Central Bank of the UAE (CBUAE) for two key licenses:
- Stored Value Facilities - issuing digital wallets and prepaid accounts;
- Retail Payment Services (Category II) - providing payment services to private customers in accordance with regulatory standards.
What does the Revolut license mean for the UAE market
- Official custody of user funds - Revolut in the UAE will be able to open and administer money accounts in the Emirates.
- Local and international payments - it is planned to introduce quick transfers, digital wallets, and multi-currency operations.
- Expanding the company's presence in the region - Revolut UAE is actively forming a team of specialists in Dubai and Abu Dhabi.
Why it is important for users of the payment system
The UAE is strengthening its position as the fintech center of the Middle East, creating a favorable environment for international players. Revolut's entry into the UAE is a signal to the entire industry: the region is ready for large-scale digitalization of the financial sector.
For users, this means:
- more convenient payment instruments;
- profitable currency exchanges and transfers;
- fast access to international financial services.
Next steps for Revolut
The in-principle approval is only an intermediate stage. Revolut still has to go through AML/Compliance, data protection procedures and complete legal verification, after which the company will receive a full license. The full launch in the UAE is expected to take place in late 2025 or early 2026.
Open an account with Revolut
At Maira Consult, we closely follow the development of global players like Revolut, as their entry into new markets opens up additional opportunities for Ukrainian entrepreneurs, IT teams, and investors.
If you are planning to open an account with Revolut or another payment system, our team will help you:
- select the best jurisdiction;
- prepare a KYC package of documents;
- support the process of opening an online account.
