Revolut Secures In-Principle Approval for UAE Payments Licence, Accelerating Gulf Expansion

Revolut has received in-principle approval from the Central Bank of the UAE for Stored Value Facilities and Retail Payment Services licences, clearing a significant regulatory hurdle in its expansion into the Gulf market.

The approval marks a major step toward Revolut's entry into the UAE, where it plans to offer digital banking products to the country's large and digitally engaged resident population. The in-principle approval allows Revolut to proceed with the final stages of the licensing process while beginning preparatory work for its UAE launch.

Revolut, which serves over 50 million customers globally, has been expanding its international footprint beyond its European base into markets across Asia, Latin America, and now the Middle East. The UAE's combination of high smartphone penetration, a large expatriate population, and progressive financial regulation makes it an attractive market for the fintech.

The Stored Value Facilities licence will enable Revolut to offer e-wallet and prepaid card products in the UAE, while the Retail Payment Services licence covers money transfer and payment processing capabilities. Together, the licences provide the regulatory foundation for Revolut to offer its core product suite to UAE residents.

Revolut's entry into the UAE market will intensify competition in an already crowded digital financial services landscape that includes local digital banks like Wio and Zand, established banks with strong digital platforms, and other international fintechs.

The company said it plans to tailor its UAE offering to meet local market needs, including support for the UAE Dirham and integration with the country's domestic payment infrastructure.