⚡️ UAE🇦🇪: The cloud bank Revolut begins its expansion in the Middle East

⚡️ UAE🇦🇪: The cloud bank Revolut begins its expansion in the Middle East

The Lithuanian-British fintech has submitted multiple applications to the Central Bank of the Emirates to promote the use of electronic money in the region and to offer local customers the ability to make money transfers.

▶️ One of the reasons for choosing this new geographic direction is that expatriates outnumber Emirati citizens. This target group is particularly interested in money movement. Although there has been an exodus from Dubai among relocated Russians in recent months, there remains representation from over 50 nationalities.

▶️ With 9 million users in the UK🇬🇧, Revolut already has three times more customers compared to competitors like Metro Bank Holdings Plc, which have branches throughout the country.

▶️ Relevant data: The population of the Emirates is 9,594,834 people, with a GDP of 39,180 USD. The financial indicators of banks in the UAE benefit from strong operational conditions (“bbb+”), supported by stable oil prices, contained inflation, and high interest rates.

▶️ Bloomberg also reports that Revolut is exploring further expansion opportunities in Saudi Arabia 🇸🇦.

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