Mbank has announced a strategic partnership with AE Coin, introducing the first-ever regulated stablecoin in the United Arab Emirates, now available for customers via the AEC Wallet.
The launch of AE Coin aligns with the Central Bank of the UAE’s framework for digital payment token services, reflecting the government’s forward-thinking approach to the future of digital finance.
This partnership aims to revolutionize Mbank’s financial services, offering a secure, stable, and efficient digital payment experience that could reshape the digital economy.
What is AE Coin?
AE Coin is a stablecoin designed for fast, low-cost, and fully regulated transactions. Backed by the UAE Dirham, it combines the stability of fiat currency with the scalability and efficiency of blockchain technology.
AE Coin operates under the strict regulatory oversight of the Central Bank of the UAE, ensuring the highest standards of security and compliance in digital finance.
With AE Coin, Mbank’s customers—both retail and corporate—can open an AEC Wallet account to make seamless and secure transactions. This new digital currency offers an intuitive platform for users to invest, save, and perform everyday transactions, such as sending money, paying merchants, or converting AE Coin into fiat dirhams.
Customers can benefit from minimal fees and faster transaction times compared to traditional banking methods, all while benefiting from the reliability of a regulated and secure digital currency.
Mohammed Wassim Khayata, CEO of Mbank, expressed his excitement about the partnership: “We are proud to be the first entity to offer AE Coin as a digital currency. This partnership allows us to provide our customers—individuals and businesses alike—with a new era of secure, transparent, and cost-effective financial services. AE Coin will foster economic growth and provide new opportunities for our customers to thrive in the digital economy.”
Ramez Rafeek, General Manager of AE Coin, also highlighted the significance of the partnership: “We are thrilled to collaborate with Mbank, which will make AE Coin available as a digital currency and integrate it into its platform. AE Coin leverages blockchain technology to offer instant, secure, and cost-effective transactions, setting the standard for trust and innovation in digital currency.”
It is worth noting that Mbank has also recently launched the UAE’s first national blockchain-based digital wallet, Mbank Wallet, which integrates decentralized blockchain and QR technology. The wallet allows users to easily send, receive, and request money, as well as make secure in-store payments by scanning QR codes.
Unlike other digital wallets, Mbank Wallet doesn’t require a traditional bank account—users can register with their Emirates ID and perform transfers using an IBAN number. With strategic partnerships across the UAE, Mbank Wallet offers seamless domestic and international transactions, providing greater financial inclusion and access to global economic participation.
In other words, users will be able to transact using the stablecoin, not the card. The launch of Mbank Wallet could have also hinted at the upcoming release of the bank’s own stablecoin.
AE Coin’s growth strategy includes forging partnerships with major financial institutions, payment gateways, and technology providers to expand its reach. The coin’s roadmap also includes integration with decentralized applications (dApps), listings on major exchanges, and continuous advancements in its technology.
