Abu dhabi: Revolut, the global fintech company boasting over 75 million customers worldwide, has announced the receipt of its Stored Value Facilities (SVF) licence and Retail Payment Services (Category II) licence from the Central Bank of the United Arab Emirates (CBUAE).
According to Emirates News Agency, Mohammad Abdulrahman Alhawi, Undersecretary of the Ministry of Investment, emphasized the UAE's role as a global hub for financial services innovation. He highlighted the importance of the regulatory environment, which fosters confidence among international companies and aligns with the UAE's long-term vision. The approval of Revolut's licences by the CBUAE enhances the financial services ecosystem and underscores the UAE's commitment to building a knowledge-based economy with a growing international presence.
Ambareen Musa, GCC CEO at Revolut, noted the UAE's status as a forward-looking financial market with a strong focus on innovation and financial inclusion. With these licences, Revolut is positioned to offer UAE customers access to its global financial platform. This platform will allow users to hold and manage multiple currencies, make payments via physical and virtual cards, and send money both locally and internationally through a single app.