Mbank has announced that it is the first bank to be offering the AE Coin licensed stablecoin. It has become the first bank to make the first-ever regulated stablecoin in the United Arab Emirates available through its AEC wallet.
Through AEC Wallet, powered by Mbank, customers will be able to purchase AE Coin and make secure, stable virtual financial transactions. In line with the Central Bank of the UAE’s digital payment token services framework and the government’s future-oriented vision.
AE Coin, is the first stablecoin of its kind, designed to provide secure, stable, and fully regulated transactions. With a focus on stability, scalability, and efficiency, AE Coin enables fast, low-cost transactions, all while operating under the regulatory oversight of the Central Bank of the UAE, adhering to the highest standards of security and compliance in digital finance. It combines the reliability of fiat-backed stability with the agility of blockchain technology, ensuring that each coin is fully supported by the Dirham.
Through Mbank, retail and corporate customers can open an AEC Wallet account and enjoy seamless, instantaneous, hassle-free AE Coin transactions with minimal fees, compared to that of traditional banking. Customers will be able to make secure transactions with AE Coin across e-commerce platforms, simplifying the entire payment procedure.
Mohammed Wassim Khayata, Chief Executive Officer at Mbank, commented on the partnership saying, “We are very proud to be the first entity to make AE Coin available as a digital currency, integrate it in our system, and offer our customers, whether individuals or businesses, a new era of transparent, cost-effective financial services where they can use AE Coin’s stable and regulated currency for easy, instant, and secure payments. By being a vessel for AE Coin, we are fostering economic growth, providing individuals and businesses with new opportunities to thrive in the digital economy, and making financial services more accessible to everyone”.
Ramez Rafeek, General Manager of AE Coin, added, “We are very pleased to partner with Mbank as it makes AE Coin available as a digital currency and integrates it into its system, redefining the way customers engage with money in the digital world. AE Coin harnesses the speed and efficiency of blockchain technology, facilitating instant, secure, and cost-effective transactions. It simplifies domestic transfers, making financial transactions faster and more efficient. In a rapidly evolving digital world, AE Coin sets the standard for trust, security, and innovation in digital currency”.
