Revolut receives payment and wallet license from Central Bank of UAE

Revolut, the global fintech with over 75 million customers worldwide, has received its Stored Value Facilities (SVF) license and Retail Payment Services (Category II) license from the Central Bank of the United Arab Emirates (CBUAE) representing its expansion within the Middle East.

A Stored Value Facilities (SVF) License from the UAE Central Bank (CBUAE) authorizes an entity to operate a system where customers pay money or transfer value to the issuer in exchange for stored value that can be used to make payments for goods and services. This license regulates businesses that offer digital wallets, prepaid cards, and similar electronic payment systems to ensure financial stability and consumer protection within the UAE, while a A retail payment services (RPS) license authorizes a company to operate as a Payment Service Provider (PSP) in the UAE, offering services like payment aggregation and merchant acquiring to businesses.

The approval follows the in-principle approval granted to Revolut by the CBUAE in September 2025 and marks the successful completion of the company’s regulatory licensing process in the UAE. It also follows multiple investments by UAE’s sovereign wealth fund Mubadala both in 2024, and in 2025 when Mubadala bought an additional $100 million stake, from investors like Balderton Capital, cementing its status as a key strategic investor.

Since receiving its in-principle approval last year, the company has continued to strengthen its presence, expand its local team, and invest in the infrastructure, capabilities and governance frameworks. In January it was searching for a crypto technology manager in the UAE, which could mean it will be introducing crypto in its service offering.

H.E. Mohammad Abdulrahman Alhawi, Undersecretary, UAE Ministry of Investment, commented that UAE’s position as a global hub for financial services innovation is built on the strength of the regulatory environment and the confidence international companies continue to place in the country’s long-term vision. He states, “Revolut’s licensing approval by the Central Bank of the UAE adds to the depth of that ecosystem and reflects the growing international presence that contributes to the knowledge-based economy the UAE continues to build.”

Ambareen Musa, GCC CEO at Revolut, added that the license approval from the Central Bank of UAE is pivotal and is a reflection of their commitment to regulatory standards. She noted, “UAE is one of the most forward-looking financial markets globally, with a strong vision for innovation and financial inclusion. 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. 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.”

Revolut will now start building and preparing its local product offering ahead of a full-scale launch. The company is continuing to invest in its technology, operations and local capabilities to ensure it delivers a product experience tailored to the needs of customers in the UAE, while continuing to meet the regulatory requirements associated with operating in the market.

Once live, Revolut will be able to offer customers in the UAE access to its global financial platform, enabling them to hold and manage multiple currencies, make payments using physical and virtual cards, and send money both locally and internationally through a single app.

Simon Taylor, Founder of Fintech Brain Food, and Tempo was one of the first to comment on this on LinkedIn. He believes the European expats will be the first to use Revolut, and customers from India, MENA will be the expansion opportunity.

He explains, “Around 88% of UAE residents are expats. The country is the world’s second-largest source of outbound remittances, north of $40bn a year. Multi-currency balances, cheap cross-border transfers, hold and spend in any currency. That is Revolut’s entire pitch, dropped into the densest concentration of people who need it on earth.”

He explains its a payment license not a banking once, which means Revolut can hold money and move it, but users cant domicil their salaries in it, not yet at least. Wio and Liv digital banks can. He explains, ” Wio is closing on AED 100bn in balances. Liv has been at this since 2017. The deposits are spoken for and the market is competitive.”

In his final remarks he states, ” A licence is not a launch. But of every market Revolut could pick a fight in, this is the one where the product was built for the customer before Revolut ever turned up. Now it has to take the deposits off the people who got there first.”