- Mbank and Changer.ae launch Dirham-based crypto conversion service.
- UAE’s central bank approval strengthens secure AED-to-crypto conversions.
Al Maryah Community Bank (Mbank), a leading integrated digital bank in the United Arab Emirates (UAE), has partnered with crypto custodian Changer.ae to launch a Dirham-based crypto conversion service. This new service follows the approval from the UAE Central Bank, allowing Mbank to open an AED Escrow Account. This move signifies a significant milestone in the UAE’s evolving cryptocurrency landscape, positioning it as a forward-thinking financial hub.
Mbank’s Central Bank Approval Boosts Secure AED to Crypto Conversions
With the central bank’s approval, Mbank can now offer secure and compliant holding of AED funds in escrow, utilizing its advanced digital infrastructure. The platform enables users to convert virtual assets and stablecoins like USDT and USDC into AED through Changer.ae. Mohammed Wassim Khayata, CEO of Mbank and a board member of Changer.ae, praised the collaboration, emphasizing its role in ensuring secure crypto transactions within the UAE’s regulated financial ecosystem.
Khayata stated:
“By providing AED Escrow Account Services to Changer.ae, we ensure secure and regulated dirham to crypto conversions for Changer clients.”
He further highlighted that the partnership aligns with Mbank’s mission to drive innovation and offer secure infrastructure for the UAE’s evolving financial services landscape.
UAE’s Commitment to Crypto Innovation and Secure Transactions
Launching the escrow account is a key step in the UAE’s commitment to becoming a global crypto hub while maintaining strict security standards. Wang Hao, senior executive officer at Changer.ae, highlighted that the central bank’s approval enabled the company to enhance its crypto custodial offerings.
Tarek Soubra, Mbank’s CTO, described the new service as a significant leap forward for both companies. According to Soubra, Mbank customers now enjoy a fast, secure, and transparent crypto-to-fiat experience.
He added:
“Customers can now convert their cryptocurrencies into AED through Changer.ae and seamlessly use their converted AED funds. They can access their funds immediately through their wallets or use them for cash withdrawals via Jaywan ATM cards.”
The partnership between Mbank and Changer.ae presents a major innovation for the UAE’s financial ecosystem. By offering seamless, regulated crypto-to-fiat conversions, both companies are paving the way for more crypto-friendly services in the region. This service enables users to access their funds in AED quickly, facilitating ease of use for a variety of financial transactions.
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