Abu Dhabi, United Arab Emirates, May 12th, 2025, Chainwire
Al Maryah Community Bank (Mbank) has launched AED Escrow Account Services in collaboration with Changer.ae, enabling secure and regulated conversions between the UAE Dirham and digital assets. The announcement was made during the TOKEN2049 event in Dubai, with representatives from both organizations present, including Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, and Wang Hao, Senior Executive Officer at Changer.ae.
The Central Bank of the United Arab Emirates (CBUAE) has formally approved Mbank to operate an AED escrow account for Changer.ae, a licensed Virtual Asset Service Provider (VASP) under the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). Under this framework, Changer.ae facilitates the execution of crypto-to-fiat and fiat-to-crypto conversions, while Mbank provides escrow services for the associated AED funds.
This service allows individual and business users to convert stablecoins such as USDT and USDC into Dirhams, and vice versa, within a regulated environment. AED funds are held in escrow by Mbank, leveraging its digital infrastructure and compliance standards to ensure transaction security and transparency. The offering supports online processing, enabling real-time access to both fiat and digital asset balances.
The partnership aims to provide a compliant solution for crypto on-ramp and off-ramp use cases in the UAE, minimizing operational friction and offering end-users increased confidence in transaction execution. Businesses also benefit from the ability to manage crypto-related payments within the existing UAE banking system.
In addition to the escrow service, Mbank has received regulatory approval from the CBUAE to offer Payment Token Services. This allows merchants to open accounts and accept crypto-related payments through the AEC Wallet, contributing to the UAE’s broader efforts to support a regulated digital asset ecosystem.
Mohammed Wassim Khayata, CEO of Mbank, noted that the initiative reflects ongoing efforts to integrate traditional banking services with digital asset solutions under a regulated framework. Wang Hao, Senior Executive Officer at Changer.ae, emphasized the service’s role in expanding access to compliant crypto infrastructure in the region.
About Al Maryah Community Bank
Al Maryah Community Bank is the first fully integrated digital bank in the UAE, providing an omnichannel experience for both individual consumers and small businesses. The bank is highly specialized, focusing on growth and serving the UAE community, which includes UAE Nationals, residents, and businesses (both SMEs and corporates). The bank’s vision aligns with that of the UAE’s leaders, who are committed to supporting individuals and small businesses within the UAE economy and fostering a forward-thinking culture that emphasizes innovation and technology.
For further information, users can contact 600571111 or [email protected].
About Changer.ae
Changer.ae Ltd is a global premium trusted crypto custodian service based in the United Arab Emirates and regulated by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM).
It is exclusively dedicated to safeguarding and managing digital assets by providing easy, reliable, and trustworthy solutions that help protect and grow crypto investments. With an interface built by experts in the field, combined with cutting-edge technology and advanced encryption techniques, a seamless, fast, and safe experience is guaranteed.
To find out more, users can visit www.changer.ae or follow us on social media channels:
LinkedIn | Twitter | Instagram | Facebook
Contact
Marketing Manager
Caroline Takla
Mbank
[email protected]
