In a significant development for the financial landscape of the United Arab Emirates, Mbank and Changer.ae have announced a groundbreaking Dirham – based crypto conversion service, featuring a fully regulated fiat escrow account in AED for crypto transactions. This announcement comes on the heels of the Central Bank of the United Arab Emirates (CBUAE) officially approving Mbank’s request to open an AED Escrow Account for Changer.ae.
The new service aims to bridge the divide between traditional finance and the digital asset economy. Through providing AED Escrow Account Services to Changer.ae, Mbank will enable Changer.ae clients to safely utilize a Dirham escrow account powered by the bank. While all conversions between dirhams and crypto assets, including popular stablecoins like USDT and USDC, will be executed by Changer.ae. Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, expressed his enthusiasm for the new offering. “By providing AED Escrow Account Services to Changer.ae, we ensure secure and regulated dirham to crypto conversions for Changer clients,” Khayata said. “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.”
This innovative service is set to revolutionize the way individuals and businesses handle crypto – fiat transactions. It eliminates the uncertainty and delays typically associated with fiat on – ramp and off – ramp transactions. The service is entirely online, transparent, and offers seamless access to funds. Individuals can now manage the flow between crypto and fiat with ease, thanks to the support of Mbank’s digital banking platform. For businesses, it provides the necessary tools to operate transactions within a regulated, blockchain – enabled system, with real – time access to both fiat and crypto balances. The service also facilitates the fast movement of customers’ AED funds within the UAE banking system.
Wang Hao, Senior Executive Officer at Changer.ae, shared his excitement about the collaboration. “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.” Mbank’s Chief Technology Officer, Tarek Soubra, further emphasized the significance of the AED escrow account service. He noted that it was developed in – house with the highest standards of security, reliability, and compliance, without relying on third – party crypto custody platforms. “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,” Soubra added. This new service marks a major step forward in the UAE’s journey towards integrating digital assets into the mainstream financial system.
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