Revolut Ltd. has secured regulatory approval from the Central Bank of the United Arab Emirates to offer stored value facilities and retail payment services, the firm said in a statement. The move clears a key legal hurdle for the London-headquartered digital bank to operate within the UAE market.
Rather than launching services immediately, Revolut said it intends to first build out its local technology stack, operations and in-country capabilities. The company did not supply a specific timetable for when its products will be available to customers in the UAE.
When live, Revolut's UAE customers are expected to be able to use the same global financial platform the company offers elsewhere. That includes the ability to hold and manage multiple currencies, transact with both physical and virtual cards, and send money domestically and internationally through the app. Those product capabilities align with Revolut's existing global feature set and suggest continuity in user experience across regions.
Beyond the UAE, Revolut is targeting additional markets in the Middle East and North Africa region as part of its regional expansion plan. The firm specifically identified Turkey and Morocco as forthcoming markets it intends to enter.
Separately, Revolut has been in discussions to acquire Turkish digital bank FUPS as a route to launch services in Turkey. The company did not disclose any further details about that potential acquisition, including financial terms or a timeline for completing a transaction.
The permissions granted by the UAE central bank cover stored value and retail payment activities, enabling Revolut to offer core payment functionality once its local setup is complete. The company emphasized the preparatory work it will undertake ahead of any customer rollout but left the public without a target date for service availability.
Operational and product focus
The announcement underscores Revolut's approach of establishing regulatory clearance first, followed by investment in local technical and operational capacity prior to commercial launch. That sequence suggests a prioritization of compliant infrastructure and customer readiness before opening accounts and moving money at scale.