He rose up the steps up UAKAE-Out as it was launched nearby, waiting for the full license – GCC official
Revolut is accelerating its UAE construction and hopes to start as soon as it secures a full license, the company’s regional CEO has been told Arabian business.
A UK-based fintech that received approval from the UAE central bank earlier this year. Revolut is now focused on turning that approval into a full license before landing in the Emirates.
“We are not positioned in the UAE yet,” GCC CEO AMBREREEN Musa said in an interview. “We are working closely with the central bank to get our full license. Once that is approved, we will be able to set a timeline.”
The remaining steps include the appointment of an independent board member, the completion of governance structures and tax structures, and final technical and compliance checks. Musa said the process is detailed, ongoing and cannot be followed immediately.
Revut started building its presence in the UAE outside the convention tower at the Dubai International Financial Center, where the fee is established. The company hires compliance, strategy, collaboration and engineering to support the developer.
“If you’re building from scratch, you need teams together in one place,” said Musa. “Early stages require collaboration, localization and constant iteration.”
The UAE will be Revolut’s first operating market in the Middle East. Musa said the country is the start of the Gulf but has not yet been designated as the company’s regional headquarters. Revolut will determine the location of the GCC headquarters if it operates in multiple markets and operates at scale.
“We are on Day zero and the UAE is our entry market, not the regional headquarters at this stage,” he said. “You only get the right to call another headquarters when you work across the region.”
Revolut, founded in 2015, has become one of the largest financial platforms in the world. It offers multicurverny accounts, international transfers, virtual cards, investing and money management tools. The UAE product will be adapted to local laws and consumer behavior. Some features, including crypto trading, will only be released on approved markets.
Musa said that Revolut aims to compete in the expansion of I-Digital Banking in the UAE which expands NatureScape through ease of use, global operations and advanced anti-fraud tools. The region has seen a rise in phishing and OTP targeting high net worth consumers.
“Fraud is becoming more and more sophisticated and this region is a rock,” he said. “Because we are completely digital and not tied to legacy systems, we can use technology that allows us to identify risks early.”
The Revolut application includes lost virtual cards for online shopping, prompting users to be aware of suspicious transfers and checks that identify unsafe beneficiaries. Musa said the company will also launch financial education initiatives when it starts in your area.
The UAE’s expat expat and high traffic flow is expected to be the main driver of acceptance. Revolut targets customers looking for high-value international transfers, multi-spending and a unified money management platform.
“This is a long-term entry into the region,” said Musa. “We build trust and infrastructure first. Once we are healthy, we will support you.”
