Revolut is to launch in the UAE after securing in-principle approval from the Gulf region's central bank.
The approval for Stored Value Facilities and Retail Payment Services (Category II) licences represents a pivotal growth opportunity for Revolut, providing an attractive destination for both investment and expansion.
The fintech has appointed the founder of Middle Eastern financial comparison platform, Ambareen Musa, as CEO to spearhead its expansion in the Gulf.
Says Musa: "Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region. We are committed to setting a new standard for financial services worldwide, and eagerly anticipate bringing Revolut to the dynamic UAE market."
She says the firm will ramp up hiring efforts across the UAE over the coming months as it prepares for launch.
Revolut continues to grow its presence outside of Europe and the UK, with operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India, with the aim of becoming one of the top three financial apps in every market it enters.