Digital bank Revolut has obtained Stored Value Facilities (SVF) and Retail Payment Services (Category II) licences from the Central Bank of the United Arab Emirates (CBUAE), finalizing a regulatory process that began with in-principle approval in September 2025. The full approvals, granted in June 2026, allow the fintech to formally establish operations in the UAE and prepare for a full-scale launch of its services.
The licences mark the conclusion of a nine-month cycle during which Revolut built local governance, operational infrastructure, and compliance systems aligned with the UAE's strict financial regulations. H.E. Mohammad Abdulrahman Alhawi, Undersecretary at the UAE Ministry of Investment, emphasized that this milestone reinforces the UAE's role as a hub for financial innovation and its knowledge-based economy vision.
Once operational, Revolut plans to offer UAE customers multi-currency accounts, physical and virtual cards, and local and international payment capabilities via its mobile platform. This product suite targets the country's large expatriate population and high demand for cross-border financial services, placing Revolut in direct competition with established banks, digital wallets, and remittance providers.
Ambareen Musa, GCC CEO at Revolut, described the licences as transformative, noting the company's commitment to delivering secure, user-friendly, and internationally connected financial tools. The UAE entry is part of Revolut's broader Middle East expansion strategy, leveraging technology from its existing global infrastructure while adapting to local compliance and consumer needs.
The approval also signals that the UAE remains open to international fintech operators, but only after rigorous regulatory scrutiny. Revolut's next steps involve product localization, final technology integration, and customer support preparation ahead of its commercial launch.
