Digital bank Revolut secures key authorization for UAE launch
The firm, which has been planning to launch since securing 'in-principle' approvals last year. plans to build out its local operations before going live
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Revolut’s headquarters in Canary Wharf, London
Add The Circuit on GoogleDigital bank Revolut is launching its services in the UAE after gaining key authorization following a protracted approval process.
The London-based firm said that the UAE’s Central Bank had okayed its application for so-called stored value facilities and retail payment services, Bloomberg reports.
It now plans to build out its local operations before going live. Revolut has been planning to launch since it secured “in-principle” approvals in September last year.
Historically, it has been complex for so-called neobanks to enter the Gulf market, where traditional banks have dominated.
However, since the emergence of homegrown digital banks including Wio, Mashreq Neo and Liv — all tied to major UAE lenders — the market has started to open up.
London-based money transfer company Wise also recently secured approvals, and homegrown Islamic digital finance startup Fasset has been expanding its services.
