UAE’s Mbank Introduces AED-Based Crypto Conversion Service

Al Maryah Community Bank (Mbank), a digital bank in the United Arab Emirates (UAE), has partnered with cryptocurrency custodian Changer.ae to launch a novel service enabling Dirham-based cryptocurrency conversions. This initiative follows the approval granted by the UAE Central Bank to Mbank for the establishment of a fully regulated AED Escrow Account.

According to a press release, the Central Bank’s approval facilitates the secure and compliant holding of AED funds in escrow through Mbank’s digital infrastructure. This also allows for the conversion of virtual assets and stablecoins, such as USDT and USDC, into AED via the Changer.ae platform. Mohammed Wassim Khayata, CEO of Mbank and a board member of Changer.ae, emphasized the significance of this collaboration in enabling secure cryptocurrency-related transactions.

Khayata stated, “By providing AED Escrow Account Services to Changer.ae, we ensure secure and regulated dirham to crypto conversions for Changer clients. This partnership with Changer.ae aligns with our mission to drive innovation in the UAE’s financial ecosystem by offering regulated and secure financial infrastructure.”

He further added that the launch of the escrow account demonstrates the UAE’s dedication to becoming a global hub for cryptocurrencies while upholding the highest standards of security. Wang Hao, senior executive officer at Changer.ae, noted that the Central Bank’s approval has made it possible to enhance the custody service entity’s service offerings.

Tarek Soubra, CTO at Mbank, described the new service as a significant “leap” forward for both organizations. The statement highlights that Mbank customers will now benefit from a secure, fast, and transparent experience when converting cryptocurrencies to fiat currency.

Soubra explained, “Customers can now convert their cryptocurrencies into AED through Changer.ae and then use their converted AED funds immediately and seamlessly, with Mbank holding the AED funds in escrow. Alternatively, Mwallet customers can now receive their converted AED funds immediately into their wallets and use them for any supported transactions or for immediate cash withdrawal, using a Jaywan ATM card.”