Following this announcement, the financial institution submitted multiple applications to the Central Bank of the United Arab Emirates in order to become an electronic money institution in the region, as well as to provide remittances to local customers. The overall goal is set on applying for a full banking licence, similar to the one that was recently received from regulators in the UK.
In addition, Revolut is set to continue to focus on meeting the needs and demands of clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry.
Alongside its plans to expand its operations in the region of the UAE, Revolut is expected to also look at ways to expand and further develop in Saudi Arabia, according to BNNBloomberg. The company also aims to hire new employees, with experience in finance functions and knowledge of local tax regulations.
Throughout this initiative, Revolut is targeting a country where expatriates outnumber Emirati nationals. At the same time, it’s also grown to become one of the top spots for remittances, according to a recent report from the Global Partnership for Financial Inclusion. The plans come as ministers in the financial institution’s home market have sought to entice the United Arab Emirates in order to invest more in British projects, as well as to expand a free trade deal with the six Gulf nations that form the Gulf Cooperation Council.
The company has previously attended diplomatic events with UK lawmakers in order to make inroads with other countries. In addition, Revolut also plans to expand in India, which represents another strategic market for the UK trade initiatives.
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