When Revolut announced it had secured an
in-principle licence in the UAE, headlines rightly focused on the arrival of one of the world’s largest fintechs in the Gulf. With over 60 million customers globally, Revolut’s entry validates the UAE’s growing status as a destination for digital finance.
Revolut actually laid the groundwork for this moment some time ago. Back in 2022, the company relocated around
140 staff to the Dubai International Financial Centre, many from its Ukraine office, to seed its operations. Yet, until now, UAE residents couldn’t open Revolut accounts due to licensing constraints. With those barriers lifting, Revolut is preparing to
recruit aggressively and will lean on its remote-friendly model to attract top fintech talent across the region.
A Regulatory Environment Driving Growth
This willingness to create space for new entrants enhances the UAE’s reputation as a progressive fintech hub. By welcoming both international brands and local innovators, regulators are laying the foundation for a more competitive, collaborative market.
Why the UAE Is Ripe for Change
The opportunity is enormous. With 90% of the population made up of expatriates, cross-border remittances are essential. In 2023, outward remittances from the UAE totalled around
$38.5 billion, highlighting the country’s role as one of the largest remittance hubs in the world.
At the same time, digital channels are gaining momentum but have not yet displaced traditional ones. A Visa survey shows that
57% of UAE remittance users now prefer digital apps for sending money abroad, and more than half plan to increase usage in the future. Yet nearly half still rely on exchange houses and banks, leaving significant space for app-based, real-time, transparent
services.
This is where Revolut’s global playbook resonates, but it is also where local pioneers are already breaking new ground. Wio Bank, one of the UAE’s first platform banks, and Mamo, reinventing peer-to-peer and SME payments, are two examples.
Cards at the Centre of Innovation
At the heart of this transformation lie cards. Whether for salaries, spending, or sending money home, cards remain the everyday gateway to finance. What Revolut has popularised, multi-currency accounts, borderless payments, real-time notifications, is exactly
what expat communities demand.
As these features become mainstream, customer expectations rise. And that is a positive.
Revolut’s arrival raises expectations across the board. Customers now demand multi-currency, real-time card experiences as standard, and that pressure pushes the entire ecosystem to innovate faster.
A rising tide lifts all boats: Revolut’s entry raises the bar, but so do the innovations we already see from our partners.
Collaboration Over Competition
This isn’t a zero-sum game. A competitive market where global scale meets local agility ultimately benefits customers and strengthens the ecosystem. Revolut hiring locally, and the Central Bank’s continued openness all signal a new phase of maturity for
fintech in the UAE.
What we’re seeing is not global versus local, but global and local together driving innovation. The UAE is showing how an ecosystem can grow stronger when every player raises their game.
Paymentology’s contribution is to ensure that when the tide rises, bringing in new entrants and lifting homegrown champions alike, the technology underpinning their cards and payments is ready to scale with them.