The UK digital bank Revolut has continued on its global expansion push by obtaining two licenses in the UAE as it prepares for a full-scale launch in the Middle Eastern country later this year
Revolut has secured two key licences in the United Arab Emirates as it is set for a full launch in the country later this year.
The digital bank received Stored Value Facilities (SVF) and Retail Payment Services (RPS) Category II licences from the Central Bank of the United Arab Emirates (CBUAE), which follows an in-principle approval to allow Revolut to progress with its regulatory process in the country.
Revolut stated in its announcement today (17 June) the two regulatory licences demonstrate “the highest standards of governance and compliance” and will enable it to continue expanding its local UAE team, as well as invest in infrastructure.
Ambareen Musa, Gulf Corporation Council (GCC) CEO at Revolut, said: “Receiving our licences from the Central Bank of the UAE is a pivotal moment for Revolut and reflects our commitment to operating to the highest regulatory standards. UAE is one of the most forward-looking financial markets globally, with a strong vision for innovation and financial inclusion.
“We see tremendous opportunity to contribute to the country’s digital economy by providing consumers with more choice and greater control over how they manage their money. We look forward to deepening our presence in the UAE and bringing more people access to the secure, intuitive and globally connected financial services that Revolut is known for.”
Revolut will now enter a preparation phase ahead of its full-scale launch in the UAE for late 2026.
The digital bank confirmed once Revolut is live, customers will be able to hold and manage multiple currencies to perform payments via physical and virtual cards.
With a focus on supporting 10 million expats in the UAE, which makes up 88% of the country’s entire population, Revolut will allow users to send money locally and internationally via its app.
Revolut: Tapping into UAE’s fintech regulatory pathway
Home to popular tourist and migration destinations such as Abu Dhabi and Dubai, the UAE’s payments and fintech sector has transformed in the last several years to meet the demands of its new digital-native population.
The CBUAE has expanded its traditional financial regulatory frameworks to accommodate the growth of open finance, digital payments, tokenisation and digital currencies.
Under the Retail Payment Services and Card Scheme (RPSCS) framework, licensed operators are subject to up to nine digital payment service standards it must comply with. This includes payment token services and NFC-enabled transactions to meet risk-based requirements.
As Revolut intends to become a single-app hub for users to send money back home internationally, it will have to comply with the RPSCS’ guidelines for cross-border payments.
This requires licensed operators to have a strong anti-money laundering and counter-terrorist financing process established, as well as register documentation for high value transactions explaining why the payment is happening.
Since 2022, Revolut has been pushing to obtain an operational license from the CBUAE. It currently employs approximately 140 employees and opened its first office at Central Park Towers in Dubai four years ago. This was followed by the opening of a new corporate office in Dubai in January 2026.
Mohammad Abdulrahman Alhawi, Undersecretary for the UAE Ministry of Investment, commented: “The UAE’s position as a global hub for financial services innovation is built on the strength of our regulatory environment and the confidence international companies continue to place in our long-term vision.
“Revolut’s licensing approval by the Central Bank of the UAE adds to the depth of that ecosystem and reflects the growing international presence that contributes to the knowledge-based economy the UAE continues to build.”
