Revolut receives in-principle approval from the Central Bank of the UAE and is set to launch digital wallet and payment services locally.
Jinse Finance reported that London fintech company Revolut has crossed its first regulatory threshold in the UAE, having received in-principle approval from the country's central bank to apply for digital wallet and payment services. This approval covers the Stored Value Facility (SVF) license and the Category II Retail Payment Services license. Once it obtains the official license, Revolut will be able to issue digital wallets, store customer balances, process payments for merchants, and connect to the UAE's new real-time payment infrastructure. The central bank emphasized that the in-principle approval is not an official license, and Revolut must meet additional conditions before it can officially operate.
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