A. SREENIVASA REDDY (ABU DHABI)
Revolut, the UK-based global financial technology company, is set to launch in the UAE after receiving in-principle approval for its Stored Value Facilities and Retail Payment Services licences from the Central Bank of the UAE (CBUAE).
A Stored Value Facility is a regulatory term that refers to a payment product or service where users preload money into an account, card, or digital wallet, and that value can later be used to make payments.
Revolut said the UAE represents a “pivotal growth market” given its strong economy, high digital adoption, and role as a global financial hub. “By working in close collaboration with the CBUAE, Revolut is poised to deliver exceptional results for customers,” the company added.
Ambareen Musa, CEO of GCC at Revolut, called the approvals a “pivotal step” for the company’s regional ambitions. “Our goal is to empower individuals here with cutting-edge financial tools that offer transparency, flexibility, and control,” she said, adding that the firm is committed to “setting a new standard for financial services worldwide”.
Musa, who founded the financial comparison platform Souqalmal.com, has nearly two decades of experience in financial services and fintech. She held consulting positions at Bain & Co. and Mastercard Inc. Revolut noted that her focus on financial literacy and consumer empowerment will be central to its UAE strategy.
The company also plans to ramp up hiring in the UAE in the coming months, leveraging its remote-first model to attract talent from across the region.
Revolut already operates in markets including Australia, Brazil, Mexico, Japan, Singapore, the US and India, and aims to become one of the top three financial apps wherever it launches. Revolut is also considering applying for a licence in Saudi Arabia as its next move, Bloomberg said quoting people familiar with the matter.