PANews reported on September 9th that fintech giant Revolut plans to launch its services in the UAE after receiving preliminary approval from the Central Bank of the United Arab Emirates (UAE). According to a statement, the UAE Central Bank has approved Revolut's applications for stored value facility and retail payment services licenses. The company plans to increase hiring in the UAE in the coming months.

Revolut is a London-based digital bank that offers checking and savings accounts, international remittances, cryptocurrency and stock trading, as well as bill payment and budgeting tools. The statement stated that the fintech company has rapidly expanded into new markets in recent years and currently operates in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the United States, and India. The company aims to become one of the top three financial apps in every market it enters.