UAE's first digital currency launches at Mbank
A secure, easy-to-use coin tied to the dirham brings digital payments to everyone
In partnership with AE Coin, Mbank becomes the first financial institution to provide access to the UAE’s first regulated stablecoin.
Stablecoins are a type of cryptocurrency designed to maintain a stable value by being tied to traditional currencies like the UAE dirham (AED). The introduction of AE Coin marks a significant milestone in the UAE's move toward a regulated digital finance landscape.
Mohammed Wassim Khayata, the CEO of Mbank, said: “We are proud to be the first entity to make AE Coin available as a digital currency. 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.”
Mbank announced the partnership in both English and Arabic, emphasizing its role as a pioneer in digital finance. The bank stated its pride in collaborating with AE Coin to introduce the first regulated stablecoin under the supervision of the UAE’s Central Bank.
بفخر بنك المارية المحلي بالإعلان عن شراكته مع AE Coin، ليصبح بذلك أول جهة تتيح للعملاء الحصول على AE Coin وهي أول عملة مستقرة ومنظمة من قبل المصرف المركزي الإماراتي.
— Al Maryah Community Bank (@almaryahbank)
سيتمكن العملاء من الوصول إلى عملة AE Coin بسهولة من خلال تطبيق محفظة "درهم الإمارات الرقمي"، حيث يمكنهم شراء… pic.twitter.com/ksMvSq5aLc
Aligning with the digital payment token services framework of the UAE’s Central Bank, this partnership aims to transform Mbank’s financial systems. The initiative provides stable, secure, and efficient payment solutions that may shape the future of the digital economy.
The AE Coin is fully backed by AED, combining the flexibility of blockchain with the reliability of fiat currency. It was designed with compliance, stability, and scalability in mind, making it a crucial development in UAE’s regulated virtual finance ecosystem.
How customers can use AE Coin
To purchase AE Coin, both retail and institutional customers can open AEC Wallet accounts with Mbank. This wallet allows users to:
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Send and receive funds.
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Pay for services.
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Convert AE Coin to dirhams.
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Make digital payments seamlessly and with minimal fees.
Ramez Rafeek, the General Manager of AE Coin, highlighted the significance of this development: “Partnering with Mbank sets a new benchmark for how customers engage with money in the digital world. It represents a transformative step toward building trust and innovation in digital currency.”
Looking ahead, AE Coin may soon be integrated with decentralized applications (dApps), software that runs on blockchain technology. It could also be listed on major cryptocurrency exchanges, further enhancing its utility and accessibility.
Why this matters
The introduction of AE Coin offers UAE residents and businesses a simplified, secure, and cost-effective way to engage in digital payments. Whether you’re a beginner in crypto or an experienced investor, Mbank’s seamless AEC Wallet system provides an easy entry point into the evolving world of digital finance.
To explore AE Coin, visit Mbank’s website or app to open an account and begin your journey into the future of payments.
