Odaily reported, citing Bloomberg, that crypto-friendly digital bank Revolut has obtained licenses approved by the Central Bank of the United Arab Emirates. With the approvals in place, the company is set to formally enter the UAE market and use it as the starting point for its business expansion across the Middle East.
The licenses granted to Revolut include permissions related to Stored Value Facilities and retail payment services. These approvals provide the regulatory basis for the company to prepare user-facing payment and stored-value services in the UAE under the local licensing framework.
Revolut said that before its official local launch, it will give priority to building its local technology systems, setting up its operating structure, and deploying compliance capabilities. The company’s UAE rollout will therefore proceed through localized preparations across technology, operations, and regulatory compliance before services go live.