Revolut Ltd., a London-based fintech company, is pursuing
new licenses to operate in the Middle East. The firm aims to broaden its
presence beyond its home market.

Revolut has submitted applications to the Central Bank of
the United Arab Emirates (UAE) to obtain a license as an electronic-money
institution and to offer remittance services. The company intends to eventually
apply for a full banking license in the UAE, similar to the one it recently
secured in the UK, according to Bloomberg.

Revolut Expands into UAE

Revolut has 9 million customers in the UK. The
company’s recent move into the UAE is part of a broader strategy to expand
geographically. Revolut has also entered markets in Mexico, Brazil, and New
Zealand in recent months.

The company established an office in the UAE in 2022 and
currently employs 140 staff members in the Dubai International Financial
Center. Many of these early employees were relocated from Revolut’s offices in
Ukraine due to the Russian invasion in 2022.

Nik Storonsky, Revolut’s CEO, who frequently visits Dubai,
has expressed long-term goals of expanding into the Gulf region. Until now, UAE
residents could not open accounts with Revolut due to the lack of necessary
licenses.

Seeking Staff for UAE Office

In addition to the UAE, Revolut is exploring expansion
opportunities in neighboring Saudi Arabia. Storonsky emphasized the company’s
global ambitions at the Dubai Fintech Summit in May, stating: “We want to build
a truly global bank.”

Revolut is currently seeking to fill several positions in
the UAE, including a head of finance with at least 10 years of experience and
knowledge of local tax regulations. The company is also looking for a head of
legal for the region and has open roles in compliance, engineering, crypto, and
product.

The UAE is a significant market for remittances and has a
large expatriate population compared to Emirati nationals, according to a
recent Global Partnership for Financial Inclusion report.

This article was written by Tareq Sikder at www.financemagnates.com.

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