UAE MBank, Al Maryah Community Bank, the first fully integrated digital bank in the UAE, is offering secure and regulated AED dirham to crypto conversions and trades, AED Escrow Account Services, executed at UAE regulated crypto custodian, Changer.ae platform.
As per the press release, the service seeks to bridge the gap between traditional finance and the digital asset economy. By providing AED Escrow Account Services to Changer.ae, MBank will allow clients of Changer.ae to safely utilize a Dirham escrow account powered by the bank, while all conversions between dirhams and crypto assets are executed by Changer.ae.
UAE Central Bank approves escrow Account
Mbank and Changer.ae announcement of this unique Dirham-based crypto conversion service, including a fully regulated fiat escrow account in AED for crypto transactions was made between Mohammed Wassim Khayata, CEO of Mbank and Wang Hao, Senior Executive Officer at Changer.ae.
The Central Bank of the United Arab Emirates (CBUAE) officially approved Mbank’s request to open an AED Escrow Account for Changer.ae. This approval enables secure and compliant holding of AED funds in escrow through Mbank’s digital infrastructure, while the conversion of virtual assets and stablecoins such as USDT and USDC into AED is carried out by Changer.ae.
Mr. Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, expressed his excitement for the new service stating:
“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.”
The service will eliminate uncertainty and delays associated with fiat, on-ramp and off-ramp transactions. It is entirely online, transparent, and offers seamless access to funds. Individuals can now manage crypto to fiat flows with ease backed by MBank digital banking platform.
The cooperation between Mbank and Changer.ae enables individuals to exchange supported cryptocurrencies and stablecoins into AED via Changer.ae, with the converted Dirham funds held securely in escrow by Mbank. It also provides businesses with the tools to operate transactions entirely within a regulated, blockchain-enabled system, with real-time access to fiat and crypto balances.
The service facilitates fast movement of customer’s AED funds, in and out, within the UAE banking system.
Mr. Wang Hao, Senior Executive Officer at Changer.ae, said”
“At Changer.ae, we are thrilled to bring this innovative product to the market in collaboration with Mbank. With the approval from CBUAE, we are enhancing our service offerings by providing a secure, reliable, and convenient way for customers to access crypto services.”
Mr. Tarek Soubra, Chief Technology Officer at Mbank, added, that the AED escrow account service was an exciting leap forward, as it was developed in house with the highest standards of security, reliability and compliance without relying on third party crypto custody platform.
He added, “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 Jaywan ATM card.”
Al Maryah Community Bank also received approval from the Central Bank of the UAE to provide Payment Token Services within the country. This new capability allows merchants to open accounts and accept payments through the AEC Wallet, further reinforcing Mbank’s role in supporting a regulated and innovative crypto payments ecosystem in the UAE.
Previously Mbank also launched the first regulated stablecoin AE Coin.
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