UK Fintech Revolut Secures UAE Central Bank License, Advances Market Entry
Summary
- UK fintech firm Revolut said it is accelerating its UAE expansion after securing a UAE central bank license.
- UAE users will be able to access multiple countries' fiat currencies, physical and virtual card payments, and domestic and international money-transfer services through the Revolut app.
- As part of its MENA expansion, Revolut is considering entry into Turkey and Morocco, while also moving ahead with final authorization for full banking services in the UK and a banking license application in the US.
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UK fintech company Revolut is stepping up its expansion into the United Arab Emirates.
Bloomberg reported on June 17 that Revolut recently obtained stored value facility, or SVF, and retail payment services licenses from the UAE central bank. Before formally launching services in the country, the company plans to establish local technology infrastructure and operating systems.
Users in the UAE will be able to hold and manage fiat currencies from multiple countries through the Revolut app. They will also be able to make payments with physical and virtual cards and use domestic and international money-transfer services.
Ambarin Musa, Revolut's general manager for the Gulf Cooperation Council region, said the license should help the company further expand its presence in the UAE.
Revolut is also pushing to expand across the Middle East and North Africa, or MENA, region. The company is also considering entry into Turkey and Morocco.
Separately, Revolut recently received final authorization in the UK for full banking services. In the US, it has applied for a banking license.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
