Latest news with #AECoin
Al Etihad
13 hours ago
- Business
- Al Etihad
Abu Dhabi Judicial Department to accept fee payments in digital currency
22 July 2025 14:23 A. SREENIVASA REDDY (ABU DHABI) The Abu Dhabi Judicial Department (ADJD) has signed a strategic partnership agreement with Al Maryah Bank to enable the payment of judicial and legal service fees using digital the agreement, ADJD becomes the first government entity in the Middle East to officially accept AE Coin—a dirham-pegged stablecoin issued and managed by Al Maryah Bank. AE Coin is a digital currency regulated by the UAE Central Bank and maintains a 1:1 peg with the can now pay for a wide range of judicial services using AE Coin through the AEC Wallet. This offers a secure, fast, and fully digital alternative to traditional payment to information provided by Al Maryah Bank, the AEC Wallet is a digital application that allows users to convert, hold, transfer, receive, and pay using dirham-denominated stablecoins. Specifically, it enables users to convert their dirham balance into AE Coin, transfer AE Coin to other wallet holders, make payments to merchants, and redeem AE Coin back to dirham directly into linked bank accounts. The wallet supports both P2P (person-to-person) and P2B (person-to-business) payments, and is available on Android, Apple, and Huawei app of the Abu Dhabi Judicial Department, Counsellor Yousef Saeed Al Abri, said in a press release distributed by Zawya that the agreement forms part of the department's wider development strategy. He emphasised that the move aligns with the vision of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of ADJD, to build a modern and innovative judicial system that embraces rapid digital transformation to ensure swift justice.'This partnership reflects our commitment to continuously modernise the judicial ecosystem and legal services. By diversifying smart payment options and embracing digital currency, we are supporting institutional cooperation and integrating the judicial and financial sectors through advanced technology,' Al Abri Chairman of Al Maryah Bank, Omar Al Zaabi, commented, 'This partnership embodies our mission to foster banking innovation and reinforce the UAE's leadership in digital financial services. By enabling judicial payments via AE Coin, we are not only streamlining access to government services but also setting a benchmark for how technology can serve the public good in a secure and future-ready manner.'Board Member of Al Maryah Bank, Obaid Al Kaabi, added, 'We are proud to be part of this transformative achievement that enhances trust, transparency, and accessibility in public services. Integrating AE Coin within a major institution like ADJD underscores our commitment to accelerating digital transformation and contributing to a more inclusive financial future.'CEO of Al Maryah Bank, Mohammed Wassim Khayata, remarked, 'We take pride in supporting the Abu Dhabi Judicial Department in realising this forward-looking initiative. It's not merely a technological step; it's about delivering advanced, secure financial experiences that reflect the UAE's values and future vision.'Ramez Rafeek, General Manager of IED Stablecoin—the firm behind AE Coin—stated, 'AE Coin was developed to be a secure, efficient, and regulatory-compliant digital payment solution tailored for the UAE. Its adoption, by such a prominent government entity, marks a pivotal moment for us and the region's evolving digital finance landscape.'In May, Air Arabia has partnered with Al Maryah Bank to enable AE Coin payments for flight bookings through the AEC Wallet June, Tawasul Transport announced that all taxis operated by the company would accept AE Coin payments via the AEC Wallet, further broadening the use of the digital currency in public services. Meanwhile, the Central Bank of the UAE (CBUAE) is actively working on launching a Central Bank Digital Currency (CBDC) pegged to the dirham. Abu Dhabi's leading financial entities—ADQ, International Holding Company (IHC), and First Abu Dhabi Bank (FAB)—have also announced plans to launch dirham-linked stablecoins under CBUAE's regulatory oversight. As of now, AE Coin appears to be the only dirham-pegged stablecoin currently in operation in the UAE market.
Time of India
2 days ago
- Business
- Time of India
UAE: For the first time, Abu Dhabi residents can pay court fees using cryptocurrency
Abu Dhabi Judicial Department is the first Middle East government entity to accept cryptocurrency payments for judicial service fees/ Image generated using AI for illustrative and creative purposes TL;DR The Abu Dhabi Judicial Department now accepts AE Coin , a regulated stablecoin , for court-related payments. AE Coin is backed by the UAE Central Bank and pegged to the dirham, ensuring secure and stable transactions. The initiative marks a key milestone in the UAE's push for digital government and fintech integration. In a landmark step toward digital transformation, the Abu Dhabi Judicial Department (ADJD) has signed a strategic partnership with Al Maryah Bank to enable payments for judicial and legal services using AE Coin, a regulated digital currency. This move makes ADJD the first government entity in the Middle East to officially accept a stablecoin for court-related transactions, signalling the UAE's deepening commitment to building a secure, tech-driven public sector. A Pioneering Initiative in the Region The agreement, described as a 'significant leap toward digitising government services and enhancing user experience through innovative financial solutions,' aligns with the UAE's national strategy to modernise its service infrastructure using advanced fintech. Commenting on the initiative, His Excellency Counsellor Yousef Saeed Al Abri, Undersecretary of the Abu Dhabi Judicial Department, said in the public statement: 'This partnership reflects our commitment to continuously modernise the judicial ecosystem and legal services. By diversifying smart payment options and embracing digital currency, we are supporting institutional cooperation and integrating the judicial and financial sectors through advanced technology.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Groom's Surprise Left Everyone in Tears—Especially His Bride Read More Undo He added: 'The agreement forms part of the department's broader development strategy. It aligns with the vision of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister, Chairman of the Presidential Court, Chairman of ADJD, to build a modern and innovative judicial system that embraces rapid digital transformation to ensure swift justice and enhance Abu Dhabi's global competitiveness. ' What Is AE Coin? AE Coin is the UAE's first regulated stablecoin, officially licensed by the Central Bank of the UAE and launched in December 2024. Developed by IED Stablecoin, AE Coin is designed to offer a secure, compliant, and efficient alternative to traditional payment methods within the country's digital economy. What sets AE Coin apart is its 1:1 peg to the UAE Dirham, meaning that each AE Coin holds the same value as one dirham. This peg ensures price stability, making the coin suitable for everyday transactions, unlike typical cryptocurrencies, which can experience extreme price swings. Unlike speculative crypto assets, AE Coin is built for practical, real-world use cases, including government payments, public transport, and retail transactions. It leverages blockchain technology for transparent and immutable settlement, offering users a fast and secure payment experience. The coin is also fully regulated, with oversight by the Central Bank, and is backed by reserves managed by trusted financial institutions. This regulatory compliance provides both businesses and individuals with a high level of financial security and confidence in the currency's long-term utility. According to Ramez Rafiq, General Manager of IED Stablecoin (the developer behind AE Coin), this collaboration is a landmark moment for the UAE's digital economy. 'AE Coin was developed to be a secure, efficient, and regulatory-compliant digital payment solution tailored for the UAE. Its adoption by such a prominent government entity marks a pivotal moment for us and the region's evolving digital finance landscape. This collaboration reflects the leadership's trust in homegrown innovation and strengthens AE Coin's role in building the country's financial digital infrastructure. ' Al Maryah Bank's Role in Public-Sector Fintech Al Maryah Bank is the financial partner facilitating AE Coin's integration into the judicial system. Senior executives from the bank described the collaboration as a breakthrough for digital financial services in the region. 'This partnership embodies our mission to foster banking innovation and reinforce the UAE's leadership in digital financial services. By enabling judicial payments via AE Coin, we are not only streamlining access to government services but also setting a benchmark for how technology can serve the public good in a secure and future-ready manner,' said Omar Al Zaabi, Vice Chairman of Al Maryah Bank. Obaid Al Kaabi, Board Member of the bank, added: 'We are proud to be part of this transformative achievement that enhances trust, transparency, and accessibility in public services. Integrating AE Coin within a major institution like ADJD underscores our commitment to accelerating digital transformation and contributing to a more inclusive financial future.' And Mohammed Wassim Khayata, CEO of Al Maryah Bank, remarked: 'We take pride in supporting the Abu Dhabi Judicial Department in realising this forward-looking initiative. It's not merely a technological step; it's about delivering advanced, secure financial experiences that reflect the UAE's values and future vision.' The move is not only a first in the region, it's being seen as a template for how digital currencies can integrate into government services. With AE Coin now operational for court-related payments through the AEC Wallet, citizens and businesses can expect faster, more transparent transactions, with enhanced accessibility and efficiency. FAQs: Q. What is AE Coin? AE Coin is a UAE-regulated stablecoin pegged 1:1 to the dirham, designed for secure, digital transactions. Q. Who can use AE Coin for payments? Anyone using judicial services through ADJD can pay using AE Coin via the AEC Wallet. Q. Is AE Coin a cryptocurrency like Bitcoin? No. Unlike volatile cryptocurrencies, AE Coin is stable, fully regulated, and tied to the UAE Dirham. Q. Why is this important? It streamlines government payments, promotes digital adoption, and sets a regional precedent for using digital currency in public services.
Economic Times
09-07-2025
- Business
- Economic Times
Dubai's Emirates signs preliminary deal to add crypto to payments
Agencies Dubai's Emirates signs preliminary deal to add crypto to payments Emirat es has signed a preliminary deal with that will allow its customers to make payments through the crypto trading platform's payment service, the Gulf carrier's parent company said in a statement on Wednesday. The partnership, which is expected to come into effect next year, is aimed at tapping into "younger, tech-savvy customer segments who prefer digital currencies", Adnan Kazim, Emirates' deputy president and chief commercial officer, said in a statement. The United Arab Emirates has been emerging as a key hub for crypto companies in recent years, with several setting up shop or seeking to expand, and has enabled payments via cryptocurrencies in areas like real estate, school fees and transportation. In Dubai, which set up watchdog VARA in 2022 to regulate the emerging virtual asset sector, one of the city's largest free zones, the DMCC, hosts more than 650 crypto firms. Other airlines have in recent years adopted cryptocurrencies as payment options. In the Gulf, Dubai-listed Air Arabia said in May it would accept UAE dirham-backed stablecoin AE Coin for flight bookings.
Time of India
09-07-2025
- Business
- Time of India
Dubai's Emirates signs preliminary deal to add crypto to payments
Emirates has forged a preliminary agreement to integrate cryptocurrency payments through a crypto trading platform, targeting tech-savvy customers. This move aligns with the UAE's growing status as a crypto hub, where digital currencies are increasingly accepted for various transactions. Tired of too many ads? Remove Ads Emirates has signed a preliminary deal with that will allow its customers to make payments through the crypto trading platform 's payment service, the Gulf carrier's parent company said in a statement on partnership, which is expected to come into effect next year, is aimed at tapping into "younger, tech-savvy customer segments who prefer digital currencies ", Adnan Kazim, Emirates' deputy president and chief commercial officer, said in a United Arab Emirates has been emerging as a key hub for crypto companies in recent years, with several setting up shop or seeking to expand, and has enabled payments via cryptocurrencies in areas like real estate, school fees and Dubai, which set up watchdog VARA in 2022 to regulate the emerging virtual asset sector, one of the city's largest free zones, the DMCC, hosts more than 650 crypto airlines have in recent years adopted cryptocurrencies as payment options. In the Gulf, Dubai-listed Air Arabia said in May it would accept UAE dirham-backed stablecoin AE Coin for flight bookings.
Time of India
09-07-2025
- Business
- Time of India
Cryptocurrency boom: Dubai Emirates adopts cryptocurrencies payments, Donald Trump company goes big on crypto
Cryptocurrency getting major acceptance from the mainstream industry players. Dubai's Emirates has signed a preliminary deal with that will allow its customers to make payments through the crypto trading platform's payment service, the Gulf carrier's parent company said in a statement on Wednesday. Donald Trump's social media company, Trump Media & Technology Group, which is the parent of the president's Truth Social site, is undergoing its own metamorphosis, becoming a major player in the crypto industry. Dubai Emirates Crypto The United Arab Emirates has been emerging as a key hub for crypto companies in recent years, with several setting up shop or seeking to expand, and has enabled payments via cryptocurrencies in areas like real estate, school fees and transportation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo In Dubai, which set up watchdog VARA in 2022 to regulate the emerging virtual asset sector, one of the city's largest free zones, the DMCC, hosts more than 650 crypto firms. Other airlines have in recent years adopted cryptocurrencies as payment options. In the Gulf, Dubai-listed Air Arabia said in May it would accept UAE dirham-backed stablecoin AE Coin for flight bookings. Live Events "The partnership, which is expected to come into effect next year, is aimed at tapping into "younger, tech-savvy customer segments who prefer digital currencies", Adnan Kazim, Emirates' deputy president and chief commercial officer, said in a statement. Trump Company and Cryptocurrency In just the past few months, Trump Media has raised $2.5 billion in cash to invest in bitcoin and is working to bring crypto-related exchange traded funds, or ETFs, to market. The company's move into bitcoin has been fast and furious. In April, Trump Media entered into a four-year partnership with a Singaporean-based cryptocurrency exchange, to launch at least three ETFs, which are slated to trade on the New York Stock Exchange. An ETF is an investment fund that invests in a particular asset -- stocks, bonds, gold or crypto -- and trades like a stock. New ETFs normally need to be approved by the Securities and Exchange Commission. By year's end, investors may be able to buy and sell shares of Truth Social Bitcoin ETF and Truth Social Bitcoin Ethereum ETF. (Ethereum is the platform behind the second-most-popular digital asset after bitcoin.) On Tuesday, the company filed for a blended crypto ETF called Truth Social Crypto Blue Chip ETF, which will invest in five different crypto currencies. President Donald Trump has no official position at Trump Media and does not advise it on corporate policy. But he is the company's largest shareholder, and he and his family have become big crypto boosters over the past year. FAQs Q1. What is ETF? A1. An ETF is an investment fund that invests in a particular asset -- stocks, bonds, gold or crypto -- and trades like a stock. New ETFs normally need to be approved by the Securities and Exchange Commission. Q2. What is Donald Trump's position in Trump media? A2. President Donald Trump has no official position at Trump Media and does not advise it on corporate policy. But he is the company's largest shareholder, and he and his family have become big crypto boosters over the past year.
