"Riolot" attempts to extend wave to acquire an Emirati license

“Revolot” is looking for licenses to start its operations in the Middle East, as the London financial technology business aims to grow outside its local market. The company has submitted requests with the Central Bank of the United Arab Emirates to obtain a license as an electronic financial institution, and to provide transfers in the country, according to people who are familiar with the matter. People added that the company’s ultimate goal is to apply for a complete banking license, similar to the recent license it obtained from the UK regulatory agencies after years of work. A spokesman for ‘revolot’ refused to comment on the case, and a representative of the UAE -central bank did not respond to the suspension requests. With 9 million clients in the UK, ‘revolot’ has already three times the number of customers compared to competitive companies such as the ‘Metro Banks Holdings’, which have branches in the entire country. The trend to expansion in the UAE is the latest sign that “revolot” – which has started working in remote countries such as Mexico, Brazil and New Zealand in recent months – depends on the geographical expansion in its effort to provide the application of many clients. ‘Revolot’ expanded in the Gulf, ‘Revolot’, the first office in the United Arab Emirates, expanded during 2022 and now has a workforce with 140 employees working in the Dubai International Financial Center. The first employees of the city, in many cases, were transferred from the company’s headquarters in Ukraine after the Russian invasion of the country during 2022. Billionaire Nick Storonski, CEO of Rivolot Company, who regularly visits, has always taken on the goals of the Arabian Gulf Region. It was not available for years for United Arab Emirates residents, the opening of an account, as “revolot” did not have the required licenses. In addition to its plans to expand its operations in the United Arab Emirates, ‘Rivolot’ is also looking for ways to expand in the Kingdom of Saudi Arabia, according to people who are familiar with the matter. “In fact, we want to establish a global bank,” Storonske said at the Dubai Financial Technology Summit held in May. The Digital Bank – its headquarters in London – is now looking for a head of the financing department to join his team in the United Arab Emirates, according to the announcement of a “Bloomberg” job. The company hopes to employ a person who has a position of at least ten years in the field of financing and knowledge of local tax regulations. The company is also looking for a head of the Department of Legal Affairs in the region and has dubai vacancies in the areas of compliance, engineering, cryptocurrencies and product development, according to employment advertising. The Emirati Market targets with its plans to expand in the United Arab Emirates, which aims to be ‘Rivolot’ to be in the country where the number of expatriates exceeds the citizens of Emirati. It has also become one of the most important destinations for financial transfers, according to a recent report on the Global Partnership for Financial Inclusion. The emerging company takes the latest step to expand, while the ministers in its local market have tried to attract the UAE – which has sovereign funds of about a trillion dollar – to invest more in UK projects and expand the free trade agreement with the six wavelin councils that make up the Golf Council. Executive officials in Rivolot have previously attended diplomatic activities with British lawmakers hoping to strengthen the relationship with those countries, according to people who are familiar with the matter. This effort is not the first time that “Revolot” has tried to utilize the UK’s efforts to expand its commercial agreements with other countries as the company is trying to achieve relations and expansion in new regions. In November, UK and Mexico officials met to discuss the expansion of trade relations between the two countries. Shortly thereafter, Rivolot announced that it had a license to provide banking in Mexico. The company also intends to expand India, which is another strategic market for UK plans to expand the trade with it.