Revolut is approved by the UAE Central Bank in principle and will launch digital wallets and payment services locally

Golden Finance reported that London-based fintech company Revolut has crossed the first regulatory threshold in the UAE and obtained principled approval from the country's central bank to apply for digital wallets and payment services. This approval involves a storage value facility (SVF) license and a Class II license for retail payment services. Once obtained a formal license, Revolut will be able to issue digital wallets, store customer balances, process payments for merchants, and access to the UAE's new real-time payment infrastructure. The central bank emphasized that the principled approval is still an informal license, and Revolut must meet additional conditions before it can be officially operated.