British fintech Revolut plans to expand operations in the Middle East. For this, the company submitted an application to the Central Bank of the United Arab Emirates for an EMI license (permission to issue electronic money and make money transfers). About this informs expert in the field of international financial law Konstantin Kryvopust with reference to Bloomberg.
According to sources close to the company, Revolut’s goal is to go on to obtain a full UAE banking license, similar to the one the fintech recently received from UK regulators after years of waiting.
Revolut declined to comment.
Neobank has 9 million users in Great Britain. In recent months, it has stepped up its expansion into foreign markets, including Mexico, Brazil and New Zealand.
In 2022, Revolut first opened an office in the United Arab Emirates, which now has 140 employees.
