Revolut has secured an in-principle approval payments licence from the UAE which will enable the financial services firm to expand in the region.

The in-principle approval for its Stored Value Facilities and Retail Payment Services (Category II) licences were granted by the Central Bank of the UAE (CBUAE).

Revolut said it now plans to launch in the UAE, offering its products to retail customers.

The UAE represents a “pivotal” growth market, which Revolut said is driven by its dynamic economy, high digital adoption rates, and strategic position as a global financial hub.

The company added that the region's favourable regulatory environment and strong demand for innovative financial solutions make it an attractive destination for both investment and expansion.

By working in close collaboration with the CBUAE, Revolut said it is ushering in a “new era of financial flexibility” in the region.

To grow its presence Revolut has hired Ambareen Musa as chief executive of Gulf Council Countries (GCC).

She brings almost two decades of experience in financial services and FinTech, including founding Souqalmal.com, a leading financial comparison platform in the Middle East.

Revolut said her focus on financial literacy and consumer empowerment in the region is central to its strategy for the UAE market.

Additionally, Revolut said it plans to increase its hiring efforts across the UAE 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,” Musa said. “Our goal is to empower individuals here with cutting-edge financial tools that offer transparency, flexibility, and control, addressing key pain points in the current financial landscape.

“We are committed to setting a new standard for financial services worldwide and eagerly anticipate bringing Revolut to the dynamic UAE market."

Revolut said it will continue to grow its presence outside of Europe and the UK, with operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India.

The move comes after Revolut announced last week that it had has extended its partnership with Google Cloud to support its rapidly expanding global customer base.

Under the new multi-year, multi-million-pound agreement, Revolut will leverage Google Cloud’s infrastructure and advanced AI tools, including Gemini models, to power its global systems, enhance fraud detection, and deliver more relevant product offerings to customers around the world.

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