Revolut, a London-based fintech company, has crossed its first regulatory threshold in the UAE, receiving approval in principle from the country's central bank to apply for digital wallets and payment services.
The approval involves a Stored Value Facility (SVF) licence and a Category II Retail Payment Services licence. After obtaining the full licence, Revolut will be able to issue digital wallets, store customer balances, process payments for merchants and access the UAE's new real-time payments infrastructure. The central bank stressed that the approval in principle is still an informal licence, and Revolut will only be able to officially operate after meeting additional conditions.
Revolut has received approval in principle from the UAE Central Bank and is about to launch a digital wallet and payment service there
2025-09-10 03:01:24
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