Mbank partners with AE Coin to launch UAE’s first regulated stablecoin

Abu Dhabi: Mbank has announced a groundbreaking partnership with AE Coin, becoming the first entity to make the UAE’s first-ever regulated stablecoin available. Through the AEC Wallet, powered by Mbank, customers can purchase AE Coin and conduct secure, stable virtual financial transactions.

Aligned with the Central Bank of the UAE’s digital payment token services framework and the government’s future-oriented vision, this strategic partnership aims to redefine Mbank’s financial services. Customers can now enjoy a secure, efficient, and stable payment experience that sets the stage for the future of the digital economy.

AE Coin is the first stablecoin of its kind in the region, designed to enable secure, scalable, and fully regulated transactions. Built for speed and efficiency, it offers low-cost transactions under the strict regulatory oversight of the Central Bank of the UAE. Fully backed by the Dirham, AE Coin combines the stability of fiat currency with the agility of blockchain technology, ensuring compliance with the highest standards of security in digital finance.

Through Mbank, retail and corporate customers can open an AEC Wallet and enjoy seamless, instantaneous AE Coin transactions with minimal fees compared to traditional banking. The intuitive platform simplifies digital currency use, allowing customers to invest, save, or make everyday transactions, such as sending and receiving money, paying merchants, or converting AE Coin into fiat dirhams. Customers can also make secure transactions across e-commerce platforms, enhancing payment efficiency.

Mohammed Wassim Khayata, Chief Executive Officer of Mbank, expressed pride in the partnership: "We are honored to be the first entity to make AE Coin available as a digital currency, integrating it into our system to offer individuals and businesses a new era of transparent, cost-effective financial services. AE Coin’s stable and regulated currency facilitates easy, instant, and secure payments, fostering economic growth and expanding opportunities in the digital economy."

Ramez Rafeek, General Manager of AE Coin, highlighted the partnership's significance: "We are pleased to partner with Mbank in making AE Coin available and integrating it into their system. AE Coin harnesses blockchain technology to enable instant, secure, and cost-effective transactions. It simplifies domestic transfers, enhancing speed and efficiency. In a rapidly evolving digital world, AE Coin sets the benchmark for trust, security, and innovation in digital currency."

AE Coin’s strategy focuses on building partnerships with financial institutions, payment gateways, and technology providers to drive widespread adoption. Its ambitious roadmap includes integration with decentralized applications (dApps), listings on major exchanges, and ongoing technological advancements.

This partnership marks a pivotal step toward a more accessible and innovative digital economy in the UAE, providing customers with a secure and efficient way to navigate the financial future.