revolution The company is preparing to launch its global financial platform on a large scale in the UAE after completing the regulatory licensing process in the country.
The company received her Stored value facilities (SVF) and Retail payment services (Category Two) Licenses from Central Bank of the United Arab Emirates (UAE Central Bank) after receiving initial approval in September, Revolut said on Wednesday (June 17). press release.
After obtaining these licenses and completing the regulatory licensing process in the UAE, Revolut is preparing for a large-scale launch to showcase its local products. Once operational, the company’s global financial platform will enable customers in the UAE to hold and manage multiple currencies, make payments using physical and virtual cards, and send money locally and internationally through a single app, according to the statement.
Ambareen MusaThe UAE is one of the most forward-looking financial markets in the world, Revolut CEO for the GCC countries said in the statement.
“We see a huge opportunity to contribute to the country’s digital economy by providing consumers with more choice and greater control over how they manage their money,” Musa said. “We look forward to deepening our presence in the UAE and enabling more people to access the secure, intuitive and globally connected financial services that Revolut is known for.”
the PYMNTS INTELLIGENCE a report “Global Digital Shopping Index: The AI-powered shopper has arrived“I found that shoppers in the UAE are more likely than the global average to say that their choice of where to make their latest purchase was influenced by knowing that their preferred payment option is available there.
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According to the report, 84% of shoppers in the UAE said Payment options This influences their choice of merchant, compared to the global average of 66%.
When Revolut received initial approval for Licenses From the UAE Central Bank in September, PYMNTS reported that the milestone is the latest in a series of new markets for the company as it expands its presence beyond the UK and Europe.
When the company issued Annual report In March, the co-founder and CEO of Revolut Nick Storonsky “As we move to the truth,” he said World Bank“We are proving that our technology-driven operating model continues to deliver rapid expansion and record profitability.”
