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The UK-based company, which counts more than 75 million customers globally, completed the regulatory process that began with in-principle approval from the Central Bank of the UAE in September 2025. Revolut said in a statement that the licences allow it to hold and manage multiple currencies while facilitating domestic and cross-border transfers once it launches. A company representative told The National that current efforts centre on developing the local product infrastructure and customer experience ahead of any full-scale entry.
Revolut continues to broaden its network of ecosystem partners across the UAE without disclosing specific names or a firm launch schedule. The representative added that competition benefits consumers by spurring innovation and expanding choice in financial services. Once operational, the platform will include physical and virtual cards alongside merchant acquisition capabilities according to the group’s announcement.
The UAE has strengthened its fintech framework through regulations from the Central Bank along with authorities in the Abu Dhabi Global Market and Dubai International Financial Centre. Ambareen Musa, Revolut’s chief executive, described the Emirates as one of the most forward-looking financial markets globally in remarks reported by The National. Bloomberg noted that the approvals position Revolut to target the country’s expatriate population, which accounts for roughly 88 per cent of residents.
Industry figures show the UAE ranks as the world’s second-largest source of outbound remittances, exceeding 40 billion dollars annually and creating strong demand for efficient cross-border tools. Revolut processed 1.7 trillion dollars in transactions last year and has set a target to add around 30 million customers by the middle of 2027 while entering as many as 30 new markets by 2030. The group launched in Mexico as its first non-European market before advancing plans in the Middle East.
Mohammad Alhawi, undersecretary at the UAE Ministry of Investment, stated that the regulatory environment and long-term vision continue to attract international companies. The National reported that existing digital services from providers such as Emirates NBD’s Live, Mashreq Neo and Wio Bank will face added competition that could reduce remittance costs and lift overall standards. Revolut was founded in 2015 by Nikolay Storonsky, who later moved to the UAE and maintains a presence in the Dubai International Financial Centre with more than 140 staff already based there.
