Revolut is preparing a full-scale launch of its global financial platform in the United Arab Emirates after completing its regulatory licensing process in the country.
The firm received its Stored Value Facilities (SVF) and Retail Payment Services (Category II) licenses from the Central Bank of the UAE (CBUAE) after receiving in-principle approval in September, Revolut said in a Wednesday (June 17) press release.
Having received these licenses and completed its regulatory licensing process in the UAE, Revolut is preparing a full-scale launch of its local product offering. Once live, the firm’s global financial platform will enable customers in the UAE to hold and manage multiple currencies, make payments using physical and virtual cards, and send money locally and internationally through a single app, according to the release.
Ambareen Musa, GCC CEO at Revolut, said in the release that the UAE is one of the most forward-looking financial markets in the world.
“We see tremendous opportunity to contribute to the country’s digital economy by providing consumers with more choice and greater control over how they manage their money,” Musa said. “We look forward to deepening our presence in the UAE and bringing more people access to the secure, intuitive and globally connected financial services that Revolut is known for.”
The PYMNTS Intelligence report “Global Digital Shopping Index: The AI-Powered Shopper Has Arrived” found that shoppers in the UAE are more likely than the global average to say that their choice of where to make their most recent purchase was influenced by knowing that their preferred payment option was available there.
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According to the report, 84% of shoppers in the UAE said payment options impact their choice of merchant, compared to the global average of 66%.
When Revolut received in-principle approval for licenses from the CBUAE in September, PYMNTS reported that the achievement was the latest in a string of new markets for the company as it expands its presence beyond the United Kingdom and Europe.
When the company released its annual report in March, Revolut Co-Founder and CEO Nik Storonsky said: “As we transition into a truly global bank, we are proving that our technology-driven operating model continues to drive rapid expansion and record profitability.”