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Revolut has received in-principle approval from the Central Bank of the UAE and will soon launch digital wallet and payment services locally.
Golden Finance reports that London-based fintech company Revolut has crossed its first regulatory threshold in the UAE, obtaining in-principle approval from the country's Central Bank to apply for digital wallet and payment services. The approval involves the Stored Value Facility (SVF) license and the Retail Payment Service Class 2 license. After obtaining the formal license, Revolut will be able to issue digital wallets, store customer balances, process payments for merchants, and connect to the new real-time payment infrastructure in the UAE. The Central Bank emphasized that the principle approval is not a formal license, and Revolut must meet additional conditions before it can operate officially.