Revolut Steps Up UAE Build-out As Launch Nears, Pending Full Licence – GCC CEO

The UK-based fintech received in-principle approval from the Central Bank of the UAE earlier this year. Revolut is now focused on converting that approval into a full licence before going live in the Emirates.

“We have not launched in the UAE yet,” GCC CEO Ambareen Musa said in an interview. “We are working closely with the Central Bank to obtain our full licence. Once that is approved, we will be able to set a public launch timeline.”

The remaining steps include the appointment of an independent board member, completion of governance and tax structures, and final technical and compliance checks. Musa said the process is detailed, ongoing and cannot be fast-tracked.

Revolut has begun building its UAE presence out of Convention Tower in Dubai International Financial Centre, where its payments entity is being established. The company is hiring across compliance, strategy, partnerships and engineering to support the local build-out.

“When you are building from zero, you need teams together in one place,” Musa said. “The early stages require collaboration, localisation and constant iteration.”

The UAE will be Revolut’s first operating market in the Middle East. Musa said the country is the starting point for the Gulf but not yet designated as the company’s regional headquarters. Revolut will determine a GCC headquarters location once it is active across multiple markets and operating at scale.

“We are at day zero and the UAE is our entry market, not a regional headquarters at this stage,” she said. “You earn the right to call somewhere a headquarters only when you operate across the region.”

Revolut, founded in 2015, has become one of the world’s largest digital financial platforms. It offers multicurrency accounts, international transfers, virtual cards, investing and money management tools. The UAE product will be adapted to local regulations and consumer behaviour. Some features, including crypto trading, will be rolled out only in markets where permitted.

Musa said Revolut intends to compete in the UAE’s expanding digital banking landscape through ease of use, global functionality and advanced anti-fraud tools. The region has seen a rise in phishing and OTP scams targeting high-income consumers.

“Fraud is getting more sophisticated and this region is a target,” she said. “Because we are fully digital and not tied to legacy systems, we can use technology that allows us to detect risks early.”

Revolut’s app includes disposable virtual cards for online shopping, prompts that alert users before suspicious transfers and checks that identify unsafe beneficiaries. Musa said the company will also introduce financial education initiatives once it launches locally.

The UAE’s expat demographics and high remittance flows are expected to be major adoption drivers. Revolut is targeting customers who want low-cost international transfers, multi-currency spending and a unified money-management platform.

“This is a long-term entry into the region,” Musa said. “We are building trust and infrastructure first. Once we are live, we will scale.”