[UAE] Revolut works with Central Bank to commence operations

In September, the UK-based fintech Revolut received in-principle approval to launch services in the UAE. Now the company is working with the country’s Central Bank to begin operations as it continues its global expansion, The National

Revolut told The National that it is “working diligently towards a launch in the UAE” and will provide updates in due course.

The UAE has a significant expatriate population. Many people reportedly send money through international remittances and make foreign exchange transactions. Konstantinos Adamos - group head of legal and non-executive director of Revolut Digital Assets - said, “We think our product can add a lot of value to the local market”, 

Speaking on the sidelines of the FinTech Forward event in Bahrain, Mr Adamos stated that, once operational, the company will be able to issue cards and offer cross-border and domestic remittances. 

“We’re continuously expanding our localisation efforts … offering Arabic language support is something we’re actively exploring for the region to ensure an inclusive experience for all customers,” Revolut said.

According to the UAE Central Bank website, there are currently 67 licensed exchange houses in the UAE, and several banks and FinTech platforms in the country also offer payment solutions.

Source: The National

(Link and quotes via original reporting)

In September, the UK-based fintech Revolut received in-principle approval to launch services in the UAE. Now the company is working with the country’s Central Bank to begin operations as it continues its global expansion, The National

Revolut told The National that it is “working diligently towards a launch in the UAE” and will provide updates in due course.

The UAE has a significant expatriate population. Many people reportedly send money through international remittances and make foreign exchange transactions. Konstantinos Adamos - group head of legal and non-executive director of Revolut Digital Assets - said, “We think our product can add a lot of value to the local market”, 

Speaking on the sidelines of the FinTech Forward event in Bahrain, Mr Adamos stated that, once operational, the company will be able to issue cards and offer cross-border and domestic remittances. 

“We’re continuously expanding our localisation efforts … offering Arabic language support is something we’re actively exploring for the region to ensure an inclusive experience for all customers,” Revolut said.

According to the UAE Central Bank website, there are currently 67 licensed exchange houses in the UAE, and several banks and FinTech platforms in the country also offer payment solutions.

Source: The National

(Link and quotes via original reporting)