Digital bank Revolut secures key authorization for UAE launch

Digital 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.

UAE regulates ‘finfluencers’ as users of digital finance grow

Financial influencers are now required to register for official “Finfluencer” status with the UAE’s Securities and Commodities Authority.

The regulator has launched an official authorization scheme mandating compliance with strict content and conduct standards, in a move to ensure transparency and protect investors in digital financial markets.

Approved finfluencers will be permitted to share investment insights and recommendations, with a three-year waiver on registration fees offered to encourage uptake.

The SCA said it also urges the public to verify finfluencer credentials and report unlicensed activity, as it steps up oversight of financial content amid rising digital engagement.