Mbank provides AED Escrow Account Services to Changer.ae clients enabling secure and regulated Dirham to crypto conversions
Abu Dhabi, 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.
This escrow service supports Crypto to Dirham and Dirham to Crypto conversions executed by Changer.ae, while the customers' Dirham funds and transactions are fully protected through the comprehensive regulatory compliance and by Mbank's secure technology infrastructure. Furthermore, this service facilitates fast movement of customer's AED funds, in and out, within the UAE banking system.
In addition to the escrow service, Al Maryah Community Bank has received approval from the Central Bank of the UAE to provide Payment Token Services within the country. This new capability allows merchants to open accounts and accept payments through the AEC Wallet, further reinforcing Mbank's role in supporting a regulated and innovative crypto payments ecosystem in the UAE.
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.'
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.
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
21 minutes ago
- Arabian Business
Analysis: UAE's massive AI investment could redefine its economic future
The United Arab Emirates is betting heavily on artificial intelligence as part of a sweeping economic transformation plan, signing multibillion-dollar technology deals and launching a landmark AI partnership with the United States amid growing global uncertainty. and a broader $1.4 trillion investment commitment over the next decade, underscoring the UAE's intent to anchor its non-oil economy in advanced technologies, including AI, semiconductors and cloud computing. Central to the initiative is the newly announced US-UAE AI Acceleration Partnership, aimed at deepening bilateral cooperation on artificial intelligence and related infrastructure. As part of the effort, the UAE secured a deal to import up to 500,000 Nvidia H100 chips annually, a cornerstone component in generative AI systems. 'Bilateral trade talks focused on artificial intelligence, advanced technologies, and semiconductors, culminating in the launch of the US-UAE AI Acceleration Partnership,' said Vijay Valecha, Chief Investment Officer at Century Financial. The Gulf nation also plans to invest in major U.S. AI firms including OpenAI and xAI, while Abu Dhabi-based Group 42 will build a 5-gigawatt AI data centre, set to become the largest of its kind outside the United States. Diversification drive The AI push forms part of a broader strategy to diversify the UAE economy away from hydrocarbons. Non-oil sectors accounted for 75 per cent of GDP in the first nine months of 2024, according to the UAE Ministry of Economy, with the non-oil economy expanding 4.5 per cent, outpacing overall GDP growth of 3.8 per cent. 'The UAE's projected 4.5 per cent growth in 2025 stands in sharp contrast to a global outlook marked by mounting risks and downward revisions,' Osama Al Saifi, Managing Director for MENA at Traze, told Arabian Business. 'This divergence is largely explained by the UAE's strong performance in non-oil sectors, supported by expansion in tourism, transport, construction, and financial services, as well as sustained momentum in foreign direct investment and trade.' The International Monetary Fund expects the UAE's economy to grow by 4 per cent in 2025 and 5 per cent in 2026, making it the fastest-growing economy in the Gulf Cooperation Council. In contrast, global trade growth is forecast to slow to 1.7 per cent this year, with a possible recession in the U.S. or Europe still looming, according to analysts at JPMorgan and Fitch. Hedge against external shocks The timing of the UAE's AI investment spree coincides with a deteriorating global economic outlook. While a potential recession in major Western economies would weigh on oil demand and trade, analysts say the UAE is better positioned than most to weather external shocks. 'The region is better equipped than in previous cycles, though not entirely shielded,' Al Saifi said. 'A recession in the U.S. or Europe would likely exert downward pressure on global oil demand and weigh on fiscal performance. Nevertheless, substantial sovereign wealth assets, contained inflation, and firm domestic demand provide a degree of protection.' The UAE's inflation rate is expected to remain stable at around 2 per cent in 2025, with consumer spending forecast to expand 4.3 per cent, supported by easing interest rates and robust domestic demand, Al Saifi added. 'A mild recession in the U.S. and parts of Europe during the second half of the year is increasingly likely, as the delayed effects of tight monetary policy, persistent inflation, and weakening manufacturing data converge,' Hamza Dweik, Head of Trading at Saxo Bank MENA, told Arabian Business. 'However, the UAE's strong macroeconomic fundamentals, active IPO pipeline, and diversified revenue streams position it as a relative safe haven in the global landscape.' Despite global volatility, UAE financial markets have shown resilience. Dubai F inancial Market (DFM) welcomed 19,366 new investors in Q1 2025, of whom 86 per cent were foreign nationals. Trading activity surged, with average daily trading value reaching AED 663 million, up 67 per cent year-on-year, according to Century Financial. UAE equity valuations also remain below historical averages. The DFMGI index trades at a trailing P/E of 9.5x, about 16.5 per cent below its five-year average, while the ADSMI index is down 16.3 per cent from its historical norm. 'The indices appear undervalued considering the UAE's solid fundamentals and growth trajectory,' said Valecha. 'With over 74 per cent of GDP coming from non-oil sectors closely linked to market performance, equity markets deserve a better valuation.' Strategic positioning The UAE's AI ambitions are not solely economic. Investments in U.S. data infrastructure, semiconductor supply chains, and critical mineral projects are helping strengthen bilateral strategic ties. Abu Dhabi's $25 billion partnership with Energy Capital Partners, and a $60 billion energy cooperation framework with ExxonMobil and Occidental Petroleum, indicate a multipronged strategy that blends AI leadership with industrial leverage. 'Technology will be central to the UAE's next growth cycle – AI, green innovation, digital finance – these are the sectors that will help insulate the economy from external volatility,' Al Saifi said. PwC estimates the AI sector could contribute over $320 billion to the Middle East economy by 2030, with the UAE positioned to capture the lion's share through early infrastructure deployment, regulatory reform and foreign investment attraction. 'Sectors with strong global linkages – such as logistics, real estate (particularly off-plan investment-driven projects), and non-oil exports like aluminum and petrochemicals – are most vulnerable to a potential U.S. recession,' Dweik said. He added that sectors like tourism, hospitality, and sovereign-backed infrastructure projects are expected to remain resilient, supported by 'robust domestic demand and long-term strategic initiatives.' 'The projected non-oil GDP growth of 4.6 per cent in 2025 indicates the ongoing success of diversification and structural reform initiatives,' Valecha added. Dweik echoed his sentiment, adding that diversification remains essential in the current economic environment. 'Investors should consider blending traditional and alternative assets, such as sukuk, infrastructure, and private equity, while also diversifying geographically… Allocating capital across resilient sectors like healthcare, technology, and tourism will help regional investors navigate uncertainty.'
The National
27 minutes ago
- The National
Bezalel Smotrich blocks Israeli and Palestinian banks from working together
Israel's Finance Minister has cancelled a waiver allowing Israeli banks to work with Palestinian counterparts in a move that could paralyse the Palestinian economy. It comes hours after the UK and other countries imposed sanctions on him and another hard-line minister. Bezalel Smotrich had threatened in May last year to cut the vital connection between Israel and Palestinian banks in the occupied West Bank in retaliation for the recognition of the State of Palestine by three European countries. A statement issued by the Israeli Finance Minister's office on Wednesday read: "Against the backdrop of the Palestinian Authority's delegitimisation campaign against the State of Israel internationally, Finance Minister Bezalel Smotrich has instructed Accountant General CPA Yali Rothenberg to cancel the indemnity provided to correspondent banks dealing with banks operating in Palestinian Authority territories." The Palestinian financial and banking system is dependent on the regular renewal of the waiver. It protects Israeli banks from potential legal action relating to transactions with their Palestinian counterparts, for instance in relation to financing terrorism. The move comes after the UK, Canada, New Zealand and Norway announced sanctions on Mr Smotrich and Israeli Security Minister Itamar Ben-Gvir over links to "extremist violence and serious abuses of Palestinian human rights", the countries said in a joint statement. This is not the first time Mr Smotrich has sought to punish Palestinians for international condemnation of Israel's occupation and actions. After Norway, Ireland, Spain, Armenia and Slovenia announced their recognition of a Palestinian state last year, the minister announced Israel would recognise five illegal Israeli settlements in the occupied West Bank, a territory he has repeatedly called for his country to annex. In July, G7 countries urged Israel to "take necessary action" to ensure the continuity of Palestinian financial systems. It came after US Treasury Secretary Janet Yellen warned that "to cut Palestinian banks from Israeli counterparts would create a humanitarian crisis". The overwhelming majority of financial exchanges in the West Bank are in shekels, Israel's national currency, because the Palestinian Authority does not have a central bank under which it could print its own currency. But Israeli banks were continuing to work with Palestinian branches because of the waiver. The UN has warned that 'unilaterally cutting off Palestinian banks from the global banking system would be a violation of the fundamental principles of international law'. This pressure had until now pushed the Israeli government to continue agreeing to short extensions of the waiver, but far-right ministers such as Mr Smotrich and Mr Ben-Gvir have long objected.
Zawya
an hour ago
- Zawya
Trinasolar reaffirms Tier 1 status in BNEF Q2 2025 list
Dubai, UAE – Trinasolar has once again secured its position in the BloombergNEF (BNEF) Tier 1 list for Q2 2025, reaffirming its exceptional bankability, industry-leading technologies, and robust shipment of its 210mm modules. This recognition further cements Trinasolar's reputation as a global leader in smart solar and energy storage solutions, trusted across global markets. The BNEF Tier 1 List is widely recognized as one of the most authoritative and influential rankings in the solar industry. It serves as a key reference for industry trend analysis and investment decisions. Starting in Q2 2025, BNEF has raised the eligibility threshold for solar project size from 5MW to 10MW, significantly tightening the selection criteria. Trinasolar's sustained presence on the list under these stricter standards highlights its robust financing capability, trusted brand reputation, and resilient global performance. As an active promoter of the 210mm product technology platform, Trinasolar has pioneered in the shipment of 210mm modules. By the end of 2024, global shipments of 210mm modules reached 380GW, with Trinasolar's 210mm modules contributing approximately 170GW, maintaining its top position worldwide. Renowned for their exceptional conversion efficiency, high reliability, and superior energy yield, Trinasolar's 210mm modules have been widely used across diverse application scenarios, earning trust and popularity among customers worldwide. In late 2024, Trinasolar launched i-TOPCon Ultra technology, now featured in its Vertex N modules. This advancement boosted module power output by 30 to 40W, marking the company's leadership in ushering the solar industry into the TOPCon 2.0 era. As a global leader in PV and energy storage solutions, Trinasolar has earned strong recognition for its exceptional bankability: Trina Storage, a business unit of Trinasolar, has been named as the Global Tier 1 Energy Storage Manufacturer in BNEF Tier 1 List for sixth consecutive quarters. Trina Storage was recently featured in the S&P Global 2024 Battery Energy Storage System Integrators ranking as well. Trinasolar's dedication to product reliability and performance continues to receive industry-wide recognition. Recently, Trinasolar has been honored with TOP Performer for the 11th consecutive years by Kiwa PVEL at Intersolar Europe 2025, reaffirming the high reliability and excellence of its products. As the solar industry moves toward higher standards and more stringent financing criteria, Trinasolar continues to deliver high-efficiency, highly reliable products and tailored solutions for global customers, advancing its mission to 'Solar energy for All' and contributing to a net-zero world. About Trinasolar (688599. SH) Founded in 1997, Trinasolar Co Ltd (stock symbol: Trinasolar; stock code: 688599) is engaged mainly in PV products, PV systems and smart energy. PV products include R&D, production and sales of PV modules. PV systems consist of power stations and system products. Smart energy comprises mainly PV power generation and operations and maintenance, smart solutions for energy storage, smart microgrid, and development and sales of multi-energy systems. We are committed to leading the way in smart PV and energy storage solutions and facilitating the transformation of new power systems for a net-zero future. On June 10, 2020, Trinasolar was listed on the Science and Technology Innovation Board (STAR Market) of the Shanghai Stock Exchange (SSE). It was the first PV and energy storage company to go public on the STAR Market providing PV products and systems, as well as smart energy. For more information, please visit For media inquiries please contact: Mariam Agag – PR Manager, Trinasolar MEA Email: Lojayne Mohsen – Senior Consultant, Fekra Communications Email:
