UAE Mbank of UAE Maryah Community Bank, the first fully integrated digital bank in the UAE, offers secure, regulated AED Dirham and AED Escrow account services running on the UAE-regulated Crypto Custodian, Changer.Ae platform.
According to a press release, the service is trying to bridge the gap between traditional finance and the digital asset economy. By providing AED Escrow Account Service to Changer.ae, Mbank will enable Canger.ae clients to securely use the Dirham Escrow account that drives the bank, and all conversions between Dirham and crypto assets are performed by changer.ae.
UAE Central Bank approves escrow accounts
MBANK and CANHER.AE have announced this unique Dirham-based Crypto conversion service, including Fiat Escrow accounts that are fully regulated in AEDs for Crypto trading.
The United Arab Emirates Central Bank (CBUAE) has officially approved Mbank’s request to open an AED escrow account for changer.ae. This approval allows Escrow’s AED funds to be securely and compliant through Mbank’s digital infrastructure, and conversion of virtual assets and Stablecoins to AEDs such as USDT and USDC is performed by changer.ae.
Mohammed Wassim Khayata, CEO of MBANK and board member of Changer.ae, expressed his excitement for the new service.
“By providing AED Escrow Account Service to Changer.ae, we guarantee secure and regulated Dirham to crypto conversion security and regulated Dirham for Changer clients. This partnership with the partnership is consistent with our mission to drive innovation in the UAE’s financial ecosystem by providing a regulated, secure financial infrastructure.”
This service eliminates the uncertainty and delays associated with fiat, ramp, and ramp-off ramp transactions. It is completely online and transparent and provides seamless access to funds. Individuals can now manage Fiat flows from Crypto while still being backed by the MBANK digital banking platform.
With cooperation between Mbank and Changer.ae, individuals can exchange supported cryptocurrencies and stablecoins for AEDs via changer.ae. It also provides businesses with tools to operate transactions entirely within a regulated blockchain-enabled system that provides real-time access to the balance between Fiat and crypto.
The service facilitates the rapid movement of client AED funds within the UAE’s banking system.
said Wang Hao, senior executive officer at changer.ae.
“At Changer.ae, we are excited to be able to work with Mbank to introduce this innovative product to the market. With CBuae’s approval, we are strengthening our service delivery by providing a secure, reliable and convenient way for our customers to access cryptographic services.”
MBANK Chief Technology Officer Tarek Soubra added that the AED Escrow Account Service is an exciting leap as it was developed internally with the highest standards of security, reliability and compliance without relying on third-party crypto custody platforms.
He said, “Customers can convert cryptocurrency to AED to AED via Canger.ae and use modified AED funds seamlessly. MBANK holds AED funds in escrow. Alternatively, MWALLET customers can quickly receive modified AED funds in their wallets and use them for supported transactions.
Al Maryah Community Bank has received approval from the UAE’s central bank to provide payment token services within the country. This new feature allows merchants to open accounts and accept payments through AEC wallets, further strengthening the role of MBANK in supporting the UAE’s regulated and innovative crypto payment ecosystem.
Previously, Mbank also launched its first regulated Stablecoin AE coin.
