Revolut Plans #UAE Debut After Securing Central Bank Approval - Bloomberg

Revolut Plans UAE Debut After Securing Central Bank Approval - Bloomberg

Revolut Ltd. is planning to launch its services in the United Arab Emirates after the fintech behemoth secured initial approval for licenses from the country’s central bank.

The Central Bank of the UAE approved Revolut’s application for a so-called Stored Value Facilities and Retail Payment Services licenses, according to a statement. The fintech now plans to ramp up its hiring efforts in the country over the coming months.

“Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region,” said Ambareen Musa, who leads the firm’s operations in the Gulf Cooperation Council.

Revolut is a London-headquartered digital bank that offers checking and savings accounts, international money transfers, cryptocurrency and stock trading as well as bill paying and budgeting tools.

The fintech has rapidly expanded into new markets in recent years and now has operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India, according to the statement. The company aims to become one of the top three financial apps in every market it enters.

Revolut plans to continue expanding across the Gulf and is considering applying for a license in Saudi Arabia as its next move, according to people familiar with the matter.

The fintech has played a role in ongoing trade talks between the kingdom and its home country. Executives were recently part of a meeting that included officials from both countries, the people said, asking not to be identified discussing non-public information.

Musa joined Revolut last year after founding Souqalmal.com, a financial comparison platform in the Middle East. She also previously held consulting positions at Bain & Co. and Mastercard Inc.