Image credit: The Byteline

Mbank has announced a landmark partnership with AE Coin, becoming the first institution to offer access to the UAE's first regulated stablecoin.

Through Mbank’s AEC Wallet, customers can now purchase AE Coin, facilitating secure and stable digital financial transactions in alignment with the Central Bank of the UAE's digital payment token services framework.

AE Coin, fully backed by AED, represents a significant step forward for regulated digital finance in the UAE. Designed for stability, scalability, and compliance, the stablecoin combines the reliability of fiat-backed currency with the flexibility of blockchain technology.

Mbank’s integration of AE Coin allows retail and corporate customers to open AEC Wallet accounts, enabling seamless, low-cost transactions compared to traditional banking methods.

The platform supports a wide range of financial activities, including sending and receiving money, paying merchants, and converting AE Coin to fiat dirhams. Customers can also leverage the stablecoin for secure e-commerce transactions, simplifying the payment process for businesses and individuals alike.

“We are proud to be the first entity to make AE Coin available as a digital currency,” said Mohammed Wassim Khayata, Chief Executive Officer of Mbank. He added:

“This partnership opens a new chapter in financial services by offering a transparent, cost-effective, and accessible digital payment system. By integrating AE Coin, we’re fostering economic growth and empowering individuals and businesses in the UAE’s evolving digital economy.”

Ramez Rafeek, General Manager of AE Coin, highlighted the significance of the partnership: “Partnering with Mbank sets a new benchmark for how customers engage with money in the digital world. AE Coin utilizes blockchain technology to deliver instant, secure, and cost-efficient transactions, simplifying domestic and cross-border payments. It represents a transformative step toward building trust and innovation in digital currency.”

The partnership underscores AE Coin’s broader strategy to collaborate with leading financial institutions, payment gateways, and technology providers to drive widespread adoption.

Future plans for AE Coin include integration with decentralized applications (dApps), listings on major cryptocurrency exchanges, and continued advancements in blockchain technology.