Revolut secures in-principle approval for a UAE payments licence

Revolut has taken a major step in its global expansion by securing in-principle approval from the Central Bank of the UAE to operate in the Gulf region. The approval covers Stored Value Facilities and Retail Payment Services (Category II) licences, enabling Revolut to launch a suite of payment services in one of the world’s fastest-growing financial hubs.

The move represents a pivotal growth opportunity for Revolut, offering both an attractive investment destination and a gateway for expansion into the broader Middle East. To lead its regional push, Revolut has appointed Ambareen Musa, founder of the Middle Eastern financial comparison platform, as CEO for the UAE.

Musa emphasised the significance of the milestone, noting that the firm is committed to “setting a new standard for financial services worldwide” while tailoring its offering to the dynamic UAE market. She added that hiring efforts will accelerate in the coming months as Revolut builds out its operations ahead of a formal launch.

The UAE expansion aligns with Revolut’s broader international strategy. Beyond Europe and the UK, the fintech already operates in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India. The company’s long-term ambition is to become one of the top three financial apps in every market it enters, positioning itself as a global leader in digital banking and payments innovation.

Revolut’s approval in the UAE highlights not only its rapid global footprint but also the Gulf’s growing role as a fintech hub, attracting international players seeking to capture the region’s digital-first, high-growth market.

Ambareen MusaCentral Bank UAEDigital Bankingfinancial servicesfintech expansionGulf fintechpayments licenceRevolutRevolut global growthUAE fintech