According to PANews, financial technology company Revolut has received preliminary approval from the Central Bank of the United Arab Emirates to launch its services in the country. The approval covers Revolut's stored value payment tools and retail payment services license application. The company plans to increase recruitment efforts in the UAE over the coming months.
Revolut, a London-based digital bank, offers a range of services including checking and savings accounts, international remittances, cryptocurrency and stock trading, as well as bill payment and budgeting tools. The fintech firm has rapidly expanded into new markets in recent years, with operations now spanning Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the United States, and India. Revolut aims to be among the top three financial applications in each market it enters.