Revolut Obtains UAE Central Bank Licenses to Launch Local Fintech Operations

Revolut has secured essential payment licenses from the Central Bank of the UAE (CBUAE), clearing the regulatory path for its official launch in the Emirates. The move allows the London-headquartered fintech firm to provide digital payment services and stored value facilities to UAE residents, marking its first major operational step into the Middle East. Regulatory Approvals and Market Entry The licenses granted include the Stored Value Facilities (SVF) and Retail Payment Services categories. These approvals enable Revolut to offer a range of financial tools, including multi-currency accounts, international money transfers, and peer-to-peer payments. The company has already established a regional presence with an office in the Dubai International Financial Centre (DIFC) and has been recruiting for key compliance and operational roles over the past 12 months. Revolut enters a competitive digital banking landscape currently occupied by local players such as Wio Bank, YAP, and digital-only offerings from traditional lenders like Emirates NBD’s Liv. and Mashreq Neo. The firm’s strategy focuses on the UAE’s high expatriate population, targeting users who require low-fee foreign…