Mbank Partners with Changer.ae to Launch AED-to-Crypto Services
Al Maryah Community Bank (Mbank), the first fully integrated digital bank in the UAE, is launching AED-to-cryptocurrency conversion and trading services. This initiative, in collaboration with Changer.ae, a regulated digital asset custodian platform, introduces AED Escrow Account solutions.
- The partnership aims to connect traditional finance with the digital asset ecosystem.
- Users of Changer.ae can use Mbank's Dirham escrow account for secure transactions.
- The service allows cryptocurrency conversion to dirhams and vice versa while ensuring regulatory compliance.
Approval from CBUAE
This new service has received approval from the Central Bank of the United Arab Emirates (CBUAE).
- Mbank holds funds in dirham using an escrow service during conversions.
- Funds are released to the digital exchange platform only after conversion completion.
- This streamlines transactions, offering clients immediate online access to their funds.
Globally, cryptocurrency partnerships and escrow services are on the rise, with increasing regulatory approvals. For instance, Bhutan has introduced a cryptocurrency payment platform for tourism through Binance Pay and DK Bank, allowing payments in over 100 cryptocurrencies converted instantly into local currency.