Revolut reportedly applies for EMI licence with UAE central bank
UK challenger Revolut has reportedly submitted an application to the Central Bank of the UAE (CBUAE) for an electronic money institution (EMI) licence, according to a report by Bloomberg citing sources familiar with the matter.
Revolut reportedly seeks EMI licence in UAE
If granted, the EMI licence will enable Revolut to extend remittance services to consumers in the country and expand its presence in the Middle East region.
Bloomberg reports that the fintech’s ambition is to eventually apply for a full banking licence in the UAE after it finally secured a banking licence with restrictions in its native UK back in July.
Revolut first established an office in the Dubai International Financial Centre (DIFC) in 2022, where it is currently in the market for a number of new hires, including a head of product engineering with “experience building and leading a significant software engineering team(s) within a scaling organisation”, as per the opening posted to LinkedIn last week.
Bloomberg reports that the company is also looking at expanding into Saudi Arabia.
These reported expansion efforts coincide with a $500 million share sale by Revolut employees in August.
As highlighted by the Financial Times, this sale notably brought Mubadala, a state-owned investment company based in Abu Dhabi, into the fold as a Revolut stakeholder.
Revolut declined to comment on the expansion speculation when contacted by FinTech Futures. Mubadala and the CBUAE did not immediately respond to FinTech Futures’ request for comment.
