Mbank provides AED Escrow Account Services to Changer.ae clients enabling secure and regulated Dirham to crypto conversions
In a significant step toward bridging the gap between traditional finance and the digital asset economy, Mbank provides AED Escrow Account Services to Changer.ae clients enabling secure and regulated dirham to crypto conversions and trades executed at the Changer.ae platform. Through this service, customers can safely utilize a Dirham escrow account powered by Al Maryah Community Bank (Mbank), while all conversions between dirhams and crypto assets are executed by Changer.ae.
Mbank and Changer.ae have announced the launch of a unique Dirham-based crypto conversion service, including a fully regulated fiat escrow account in AED for crypto transactions. The announcement was made during TOKEN2049 Dubai, with Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, and Wang Hao, Senior Executive Officer at Changer.ae, in attendance.
The Central Bank of the United Arab Emirates (CBUAE) has officially approved Mbank to open an AED Escrow Account for Changer.ae. Changer.ae is a premium independent crypto custodian service and Virtual Asset Service Provider (VASP) licensed by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM).
This approval enables secure and compliant holding of AED funds in escrow through Mbank's digital infrastructure, while the conversion of virtual assets and stablecoins such as USDT and USDC into AED is carried out by Changer.ae. For customers, this means they can confidently and immediately convert their digital assets into local currency within a fully regulated and secure environment, eliminating the uncertainty and delays often associated with fiat, in on-ramp and off-ramp transactions.
The service is entirely online, providing fast, transparent, and seamless access to funds, and allows individuals and businesses to manage crypto-to-fiat flows with ease, backed by Mbank's trusted digital banking platform.
The cooperation between Mbank and Changer.ae enables individuals to exchange supported cryptocurrencies and stablecoins into AED via Changer.ae, with the converted Dirham funds held securely in escrow by Mbank. It also provides businesses with the tools to operate transactions entirely within a regulated, blockchain-enabled system, with real-time access to fiat and crypto balances.
Mr. Mohammed Wassim Khayata, CEO of Mbank and Board Member of Changer.ae, stated: 'We are excited to offer this unique service to our customers, providing a seamless way to integrate Dirhams and crypto-related transactions with confidence. By providing AED Escrow Account Services to Changer.ae, we ensure secure and regulated dirham to crypto conversions for Changer clients.
This partnership with Changer.ae aligns with our mission to drive innovation in the UAE's financial ecosystem by offering regulated and secure financial infrastructure. The launch of this escrow account demonstrates the UAE's commitment to becoming a global crypto hub while maintaining the highest standards of security and regulatory compliance.'
Mr. Wang Hao, Senior Executive Officer at Changer.ae, said: 'At Changer.ae, we are thrilled to bring this innovative product to the market in collaboration with Mbank. With the approval from CBUAE, we are enhancing our service offerings by providing a secure, reliable, and convenient way for customers to access crypto services. This product reflects our continued dedication to bridge the gap between traditional finance world and the rapidly growing world.'
Mr. Tarek Soubra, Chief Technology Officer at Mbank, added: 'This new AED escrow account service is an exciting leap forward for both Mbank and Changer.ae. By leveraging the safe and reliable crypto custody infrastructure and systems of Changer.ae, developed in-house using the highest standards of security, reliability, and compliance without reliance on third-party Crypto custody platforms, and the seamless and straight through integration between the systems of Mbank and Changer.ae, our customers benefit from a safe, fast, and transparent crypto-to-fiat experience.
Customers can now convert their cryptocurrencies into AED through Changer.ae and then use their converted AED funds immediately and seamlessly, with Mbank holding the AED funds in escrow. Alternatively, Mwallet customers can now receive their converted AED funds immediately into their wallets and use them for any supported transactions or for immediate cash withdrawal, using Jaywan ATM card.'
To find out more, visit www.changer.ae
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fintech News ME
2 hours ago
- Fintech News ME
DIFC Sees Record Growth in H1 2025 with 32% Surge in New Firms
Dubai International Financial Centre (DIFC) recorded its strongest first-half results to date, with continued growth across financial and innovation sectors, as well as increased participation from new companies and institutions. Between January and June 2025, a total of 1,081 new companies joined DIFC, representing a 32% increase compared to the same period in 2024. The total number of active firms now stands at 7,700. The increase reflects growing interest in Dubai and the DIFC as a base for regional and international operations. The number of firms regulated by the Dubai Financial Services Authority (DFSA) has reached 980. DIFC remains the only financial centre in the region operating at scale across banking, capital markets, asset management, insurance, and other financial services sectors. The Centre noted increased intra-community business activity as a result of this concentration. DIFC also reported a 72% rise in hedge fund registrations over the past 12 months, with 85 such entities now based in the Centre. The financial ecosystem includes 440 wealth and asset management firms, 289 banking and capital markets institutions, and 135 insurance-related companies. The number of family-related entities and foundations continues to grow, supported by Dubai's role as a regional wealth hub. DIFC is currently home to 1,035 family-related entities and 842 foundations. The innovation and technology segment also expanded, with 1,388 AI, fintech, and Innovation firms now operating within DIFC, a 28% year-on-year increase. Ignyte, the Centre's digital platform for start-ups, has delivered AED 182 million in documented benefits since its launch in late 2024. A proptech Hub has also been introduced to support innovation in the real estate sector, in line with Dubai's Real Estate Strategy 2033. To support ongoing growth, DIFC is developing over 1.6 million square feet of new commercial space, with occupancy expected to begin from Q1 2026. The workforce within the Centre increased by 9% over the past year to 47,901 people. The DIFC Academy, in partnership with 32 education and training providers, continues to support skills development across sectors. 'DIFC's continued success is powered by the best infrastructure, progressive legislation, robust regulation, and an unmatched community,' said Arif Amiri, Chief Executive Officer of DIFC Authority. 'Aligned with the D33 Agenda, we are not just driving the future of finance, we are building it together.'
Web Release
3 hours ago
- Web Release
Union Properties signs AED 700 million sale agreement, paving way for sustainable growth
Union Properties PJSC ('Union Properties' or the 'Company') (DFM symbol: UPP), has signed a conditional sale agreement valued at AED 700 million for a significant Real Estate project in Motor City. This marks a pivotal milestone in the Company's strategic roadmap, effectively concluding its comprehensive recovery plan which was designed to resolve all legacy debt settlements and restore long-term financial strength. Building on a record AED 1.3 billion in plot sales achieved in 2024 as part of its comprehensive debt restructuring strategy, this latest agreement is expected to be recognized in the Company's Q4 2025 financials. Importantly, the Real Estate project will contribute meaningfully to the continued evolution of MotorCity, one of Dubai's most established and sought-after communities. Structured under a deferred payment framework, the agreement further reinforces Union Properties' disciplined financial approach, with the initial deposit already secured, ensuring strong cash flow visibility and continued balance sheet optimization. Upon completion, the proceeds will enable the Company to fully settle its legacy debt, marking the culmination of a multi-year recovery strategy. This milestone positions the Company to pivot decisively toward a new phase of sustainable growth, strategic capital deployment, and long-term value creation for its shareholders. Eng. Amer Khansaheb, CEO and Board Member of Union Properties, commented on the achievement, stating: 'This transaction is more than a sale – it is a signal of strength. With this transition, we bring our recovery plan to a close, settle all legacy debts, and lay the foundation for a bold new chapter. This milestone reflects not only the trust and confidence of the market in our vision, but also the resilience and discipline of our team in executing one of the most successful turnaround strategies in the sector. Today, we build from a position of strength, focused on strategic development, long-term value creation, and a sustainable impact across the UAE's Real Estate landscape.' Union Properties remains committed to delivering value-driven, market-responsive developments that elevate communities and support Dubai's broader urban vision. As the Company continues to execute its strategic objectives, this landmark transaction signals its resilience, agility, and forward momentum in an increasingly competitive market.
Web Release
2 days ago
- Web Release
LG REDEFINES THE GAME WITH NEW ULTRAGEAR MONITOR LINEUP ENGINEERED FOR EVERY PLAYER
LG REDEFINES THE GAME WITH NEW ULTRAGEAR MONITOR LINEUP ENGINEERED FOR EVERY PLAYER LG Electronics (LG) has unveiled its latest lineup of LG UltraGear™ gaming monitors, reinforcing its commitment to the gaming community with a diverse range of displays meticulously engineered for every playstyle. A gamer's dream, the new collection features four distinct models, each offering specialized LG technology to provide competitive esports athletes, immersive single-player adventurers, and versatile multi-genre streamers with the ultimate visual experience keeping them cream of the crop. Specifically for esports professionals – and competitive players where every millisecond counts – the?LG 27GX790A-B priced at AED 3999?sets a new industry benchmark. Boasting an industry-leading killer 480Hz refresh rate and a blistering 0.03ms Gray-to-Gray (GtG) response time, this 27-inch QHD OLED monitor delivers unprecedented smoothness and clarity. Ideal for fast-paced first-person shooter (FPS) and fighting games, its VESA ClearMR certification, too, ensures motion remains crisp and clear, giving players the competitive edge needed to complement their lighting quick reflexes, and to dominate the arena. Gamers seeking pro-level experience, and unrivaled immersion in blockbuster triple-A (AAA) titles and simulations – be they racing, flight, or large-scale role-playing – now have two distinct LG-paved paths to victory. For sim-racers and fans of sprawling AAA gameplay, the?LG 45GX950A-B priced at AED 7199?is a game-changing 45-inch pixel-dense ultrawide monitor. As the first-ever 5K2K OLED display in its class, its 800R curve envelops the player's field of view and features a pioneering dual-mode refresh rate. And the story-driven gamers who value cinematic visuals have had the?34-inch WQHD OLED LG 34GX90SA-W price at AED 4999, especially crafted to offer a perfect blend of performance and utility, featuring a 240Hz refresh rate complemented by an 800R curve that pulls players into open-world adventures; while its built-in webOS transforms the monitor into a smart entertainment hub. Catering to the versatile gamer who does it all, LG's powerhouse 32-inch 4K IPS display (32G810SA-W) priced at AED 2799 delivers stunning UHD clarity at a smooth 144Hz, making it perfect for 4K exploration games and hybrid online and offline gaming. Packed with smart features including webOS, AI enhancements, and convenient USB-C connectivity, this monitor is an ideal all-in-one solution for those who demand both high-fidelity gaming and smart functionality. Whether dominating the esports arena or exploring vast digital worlds, the latest LG UltraGear lineup delivers a meticulously crafted, game-changing display for every kind of champion. For more information about LG's UltraGear gaming monitors, please visit this link .
