The chief executive and co-founder of British digital bank Revolut has switched his country of residence from the UK to the United Arab Emirates (UAE).

According to a filing at Companies House published on Tuesday, the Nik Storonsky changed his residency to the UAE on 16 October last year.

The news comes a month after Revolut secured an in-principle approval payments licence from the UAE which will enable the financial services firm to expand in the region.

The multinational neobank now plans to launch in the UAE, offering its products to retail customers.

The UAE represents a “pivotal” growth market for the organisation because of its dynamic economy, high digital adoption rates, and "strategic position as a global financial hub."

Revolut has previously said that the region's favourable regulatory environment and strong demand for innovative financial solutions make it an attractive destination for both investment and expansion.

The company is also continuing to grow its presence outside of Europe and the UK, with operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India.

In September, the company also announced a £3 billion investment in the United Kingdom over the next five years, alongside the opening of its new global headquarters in London’s Canary Wharf.

The digital banking group, which now serves more than 65 million customers worldwide, aims to create 1,000 new high-skilled jobs in the UK as part of its commitment to growth and innovation.

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