Mbank and Select Market launch AE Coin Payment Service - A strategic step to advance digital payments in the UAE retail sector

Mbank is proud to announce a strategic partnership with the Select Market chain, enabling customers to pay for their purchases using AE Coin via AEC Wallet — the first AED-backed stablecoin wallet approved by the Central Bank of the UAE.

This step marks a major step toward integrating blockchain technologies into everyday life, allowing shoppers at Select Market branches to benefit from a seamless, instant, and secure digital payment method — with no fees or delays — simply by scanning a QR code via the app.

AE Coin is a stablecoin directly pegged to the UAE dirham (1 AE Coin = 1 AED), ensuring price stability and fast transactions, making it ideal for everyday purchases such as groceries, essentials, and more.

The AEC Wallet offers a user-friendly and secure experience, allowing users to send, receive, and spend AE Coin, with additional features such as AED top-up and QR code payments. The app is available for free on the Apple Store, Google Play, and AppGallery.

Naveen Singh, General Manager of Select Market, stated: “We are proud to collaborate with Mbank and be among the first retail chains to adopt AE Coin in our daily operations. This initiative provides our customers with a modern and secure payment method, reduces reliance on cash, and enhances operational efficiency – all while aligning with the UAE’s vision for a future-ready digital economy.”

Humaid Al Attar, Executive Vice President of Wholesale Banking at Mbank, said: “We are committed to driving digital innovation in the UAE, and this partnership is a practical step toward making AE Coin part of the community’s daily life. Our goal is to provide flexible, secure, and easy-to-use payment solutions that promote financial inclusion and digital transformation.”

Ramez Rafeek, General Manager of AED Stablecoin, added: “Through this partnership, we continue to realize our vision of making AE Coin a practical and accessible payment method for all. We believe that enabling everyday purchases with digital currencies is key to accelerating their adoption and integration into the real economy.”

Download AEC Wallet today

Start today by sending, receiving, and spending AE Coin through a secure and fast payment experience — the app is available for free on the Apple Store, Google Play, and AppGallery.

Coming soon: The AEC Wallet will continue expanding into more stores and service providers across the UAE, further promoting the use of digital currency in everyday life.