Mbank Launches Secure AED-to-Cryptocurrency Conversion and Trading Services

Al Maryah Community Bank (Mbank), the first fully integrated digital bank in the United Arab Emirates (UAE), is offering efficient and compliant AED-to-cryptocurrency conversion and trading services in partnership with Changer.ae, a locally regulated digital asset custodian platform, for the launch of AED Escrow Account solutions.

The partnership aims to minimize the gap between traditional finance and the digital asset ecosystem. Through this collaboration, users of Changer.ae can seamlessly and securely utilize the Dirham escrow account service provided by Mbank.

The service will allow users to convert cryptocurrencies into dirhams and vice versa, ensuring full regulatory compliance and smooth transactions within the digital asset platform.

Apes Bank Approves Service

According to the post on Mbank’s X page, this new service for Dirham-based crypto conversion has been approved by the Central Bank of the United Arab Emirates (CBUAE).

The post reads: «Al Maryah Community Bank is proud to announce the provision of AED escrow account services to clients of Changer.ae, with the approval of the Central Bank of the United Arab Emirates. Al Maryah Community Bank will be handling the safekeeping of funds fully compliant with regulations.

«The service will facilitate the conversion of digital assets to AED via Changer.ae, while the handling of cryptocurrency assets will be undertaken by the digital exchange platform. In essence, this partnership will enable users of Changer.ae to benefit from a specialized escrow service for their Dirham funds, directly linked to the cryptocurrency exchange platform.»

The service will see MBank holding the funds in dirham using an escrow service, while users can convert their crypto assets using Changer.ae. Once the conversion is done, funds in AED are released to the digital exchange platform.

This partnership will provide clients with an optimal experience by eliminating the usual unpredictability and delays associated with fiat on-and off-ramp transactions. They will benefit from a streamlined, transparent experience that offers instant online access to their funds. With the support of Mbank’s cutting-edge digital banking platform, managing crypto-to-fiat flows has never been easier.

Cryptocurrency partnerships and escrow services are gaining attention in various countries as regulatory bodies approve such services for varied use cases. For instance, Bhutan, a South Asian country known for its crypto investments, has introduced a cryptocurrency payment platform for the tourism sector.

In partnership with Binance Pay and DK Bank, tourists can pay for goods and services using over 100 cryptocurrencies, which will be instantly converted into local currency. This move underscores the growing integration of crypto into mainstream financial systems.