Revolut, the global financial technology company, has announced it has obtained a Stored Value Facilities (SVF) licence and a Retail Payment Services licence (Category 2) from the Central Bank of the UAE.
Mohammed Abdulrahman Al Hawi, Undersecretary of the Ministry of Investment, said: "The UAE's standing as a global hub for financial services innovation is grounded in the regulatory strength and long-term vision the country adopts in fostering these global financial sector partnerships. Revolut's obtaining of a licence from the Central Bank contributes to deepening this integrated ecosystem and reflects the growing international presence that supports the knowledge-based economy the UAE continues to build and consolidate."
For her part, Ambreen Musa, CEO of Revolut for the Gulf Cooperation Council countries, said that the UAE is among the most advanced and forward-looking financial markets in the world, supported by a clear vision for innovation and the promotion of financial inclusion.
Upon launch, Revolut will be able to provide customers in the UAE with access to its financial platform, enabling them to hold and manage multiple currencies, make payments using physical and virtual cards, and transfer funds locally and internationally through a single application.