Revolut to Launch in UAE later than Winning Central Bank’s Nod
Revolut has cleared its first regulatory hurdle in the United Arab Emirates, securing in-principle approval from the country’s central bank for licences that would allow the London-based fintech to roll out digital wallets and payment services in the Gulf.
The approval covers a Stored Value Facilities (SVF) licence and a Retail Payment Services Category II licence. Together, they would enable Revolut to issue digital wallets, store customer balances, process payments for merchants, and plug into the UAE’s new real-time payments infrastructure once the licences are finalised. The central bank stressed that in-principle approval is not yet a full licence; Revolut will need to satisfy additional conditions before going live.
The UAE has become one of the most competitive payments , with the central bank mid-way through its Financial Infrastructure Transformation (FIT) programme. The reforms include the rollout of Aani, a 24/7 operated by Al Etihad Payments, and Jaywan, a domestic card scheme built in partnership with India’s NPCI International. Any new entrant is expected to integrate with both systems, a requirement that is reshaping the local payments industry.
To spearhead its Gulf expansion, Revolut has tapped Ambareen Musa as its regional chief executive. Musa is best known for founding Souqalmal, one of the Middle East’s earliest financial comparison websites, which later sold a majority stake to Dubai-listed Shuaa Capital. Her appointment is intended to give Revolut a blend of local expertise and regulatory familiarity as it scales in the UAE.
“Receiving these in-principle approvals from the Central is a pivotal step for Revolut in the region,” Musa said. “We are committed to setting a new standard for financial services worldwide, and eagerly anticipate bringing Revolut to the dynamic UAE market.”
The fintech is preparing to begin local hiring across compliance, product, and marketing, with job postings already listed in Dubai.
Founded in 2015, Revolut has grown into one of Europe’s largest fintech firms with more than 40 million customers. It operates on a Lithuanian banking licence inside the EU and finally secured restricted banking authorisation in the UK last year later than a protracted regulatory process. Outside Europe, services in markets including the United States, Australia, Brazil, Singapore, and India.
Its rapid expansion has not been without scrutiny. Earlier this year the Bank of Lithuania fined for deficiencies in its anti-money laundering controls, though regulators said no illicit activity was identified. The penalty underscored the challenges the company faces in convincing regulators in new jurisdictions that its compliance systems are strong enough to match its growth ambitions.
A Crowded but Lucrative Market
If Revolut converts its UAE approvals into full licences, it will join a payments sector that already includes global processors, bank-backed acquirers, and homegrown players. Category II licence holders can typically handle merchant acquiring, payment aggregation, and fund transfers—services that could allow Revolut to compete directly with incumbents.
The timing could be advantageous. The UAE’s push to digitise payments, combined with high smartphone penetration and a young consumer base, makes it one of the most attractive financial technology markets in the region. Revolut’s multi-currency accounts and user-friendly interface have assisted it win share elsewhere, and the company will be hoping the formula works in Dubai and beyond.
For now, the fintech must complete the central bank’s final licensing requirements before it can process a dirham. If successful, Revolut would become one of the highest-profile Western fintechs to gain a foothold in the Gulf’s payments system—a market regulators are intent on remaking into one of the most advanced in the world.
