UAE banks are increasingly entering the crypto ecosystem. UAE digital bank Zand, an AI-powered Fintech and financial services group and CoinMENA FZE, a leading crypto trading platform, have partnered to offer CoinMENA’s clients across the region with seamless and secure fiat-to-crypto integration.
As per the press release, clients will be able to transfer funds between their Zand Bank account and CoinMENA wallet. Zand’s AI and blockchain infrastructure will ensure efficient banking services for CoinMENA users. Moreover, the services will cover fiat, crypto, and stablecoin conversions in a secure and seamless manner.
Michael Chan, CEO of Zand, notes that they partnered with CoinMENA to enable clients to transact effortlessly. He believes this will advance the digital economy and drive innovation in the region by bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi).
CoinMENA co-founders Talal Tabbaa and Dina Sam’an noted that they joined forces with Zand, because it is a forward-thinking digital bank that shares their commitment to regulatory compliance and financial innovation.
Subject to regulatory approval, Zand and CoinMENA FZE aim to explore opportunities for collaboration, including the tokenization of real-world assets (RWAs), institutional-grade custody solutions, and broader infrastructure development to support the digital economy.
RAKBANK enters the crypto exchange space
In July, UAE based RAKBANK launched its crypto brokerage service via its mobile app, thus enabling crypto trading for its retail customers, also using the services of UAE regulated crypto exchange Bitpanda. As a start, the service will be offered by invitation only, and then rolled out to more customers allowing them to buy, sell, and swap cryptocurrencies.
In the UAE, several banks have entered the crypto space, including Mbank, Zand Bank, Liv bank by Emirates NBD, which is working with crypto exchange AquaNow, and even FAB (First Abu Dhabi Bank) by integrating their offerings with crypto exchanges.
Additionally, banks such as FAB have also started working on developing their own local stablecoins, showcasing the increased interest of banks in the crypto ecosystem. First Abu Dhabi Bank (FAB), IHC, and ADQ sovereign investor will be launching a new AED-backed stablecoin regulated by the UAE Central Bank. The AED stablecoin will be issued by FAB, and the trio aim to make payments locally and internationally easier.
