Mbank Launches AED Escrow Account Services for Crypto-Fiat Conversions

Mbank, a leading digital bank in the United Arab Emirates, has introduced AED Escrow Account Services in collaboration with Changer.ae, a licensed Virtual Asset Service Provider (VASP). This new service enables secure and regulated conversions between the UAE Dirham and digital assets, marking a significant step in bridging the gap between traditional fiat currencies and digital assets within a regulated framework.

The Central Bank of the United Arab Emirates (CBUAE) has approved Mbank to operate an AED escrow account for Changer.ae. This approval allows Changer.ae to facilitate crypto-to-fiat and fiat-to-crypto conversions, with Mbank providing escrow services for the associated AED funds. The service supports the conversion of stablecoins such as USDT and USDC into Dirhams and vice versa, ensuring transaction security and transparency through Mbank's digital infrastructure and compliance standards.

This partnership aims to provide a compliant solution for crypto on-ramp and off-ramp use cases in the UAE. By leveraging Mbank's escrow services, individual and business users can convert digital assets into fiat currencies and vice versa within a regulated environment. The offering supports online processing, enabling real-time access to both fiat and digital asset balances. This not only minimizes operational friction but also offers end-users increased confidence in transaction execution. Businesses benefit from the ability to manage crypto-related payments within the existing UAE banking system, further integrating digital assets into the traditional financial ecosystem.

In addition to the escrow service, Mbank has received regulatory approval from the CBUAE to offer Payment Token Services. This allows merchants to open accounts and accept crypto-related payments through the AEC Wallet, contributing to the UAE’s broader efforts to support a regulated digital asset ecosystem. The initiative reflects ongoing efforts to integrate traditional banking services with digital asset solutions under a regulated framework, aligning with the UAE’s vision of fostering innovation and technology.

Mohammed Wassim Khayata, CEO of Mbank, highlighted that this initiative is part of the bank's ongoing efforts to integrate traditional banking services with digital asset solutions under a regulated framework. Wang Hao, Senior Executive Officer at Changer.ae, emphasized the service’s role in expanding access to compliant crypto infrastructure in the region, providing a seamless and secure experience for users.

Al Maryah Community Bank, also known as Mbank, is the first fully integrated digital bank in the UAE, providing an omnichannel experience for both individual consumers and small businesses. The bank is highly specialized, focusing on growth and serving the UAE community, which includes UAE Nationals, residents, and businesses (both SMEs and corporates). The bank’s vision aligns with that of the UAE’s leaders, who are committed to supporting individuals and small businesses within the UAE economy and fostering a forward-thinking culture that emphasizes innovation and technology.

Changer.ae Ltd is a global premium trusted crypto custodian service based in the United Arab Emirates and regulated by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). It is exclusively dedicated to safeguarding and managing digital assets by providing easy, reliable, and trustworthy solutions that help protect and grow crypto investments. With an interface built by experts in the field, combined with cutting-edge technology and advanced encryption techniques, a seamless, fast, and safe experience is guaranteed.