emirates7 - Revolut, the global fintech with over 75 million customers worldwide, on Wednesday announced that it has received its Stored Value Facilities (SVF) licence and Retail Payment Services (Category II) licence from the Central Bank of the United Arab Emirates (CBUAE).

Mohammad Abdulrahman Alhawi, Undersecretary of the Ministry of Investment, said, "The UAE's position as a global hub for financial services innovation is built on the strength of our regulatory environment, and the confidence international companies continue to place in our long-term vision. Revolut's licensing approval by the CBUAE 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."

"The UAE is one of the most forward-looking financial markets globally, with a strong vision for innovation and financial inclusion," said Ambareen Musa, GCC CEO at Revolut.

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.