Revolut has received principle approval from the UAE central bank and will soon launch digital wallets and payment services locally According to Golden Finance, London based fintech company Revolut has crossed the first regulatory threshold in the United Arab Emirates and received principle approval from the country's central bank to apply for digital wallet and payment services. This approval involves licenses for stored value facilities (SVF) and Class II licenses for retail payment services. After obtaining 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 principle approval is not yet a formal license, and Revolut needs to meet additional conditions before it can officially operate.