Cryptocurrency exchange CoinMENA has signed a banking agreement with Standard Chartered to strengthen its fiat payments infrastructure for customers in the United Arab Emirates.
Under the agreement, CoinMENA will use Standard Chartered to support fiat on- and off-ramps, customer money accounts, and virtual account-based transaction management, according to a press release shared with Cointelegraph. The exchange said the arrangement will improve transparency and liquidity settlements with approved global counterparties.
Laura Abu Mane, CEO of Standard Chartered UAE, Middle East and Pakistan, said in a statement that the UAE has established itself as a leading regulatory environment for digital assets, creating opportunities for financial institutions and regulated companies to work together.
The agreement reflects growing efforts by crypto companies in the United Arab Emirates (UAE) to secure access to regulated banking infrastructure as the country’s digital asset sector matures and institutional participation increases. Bank partnerships are increasingly becoming a priority for exchanges seeking reliable fiat payment rails and clearing services.
CoinMENA co-founders Dina Sam’an and Talal Tabbaa said in a joint statement: “We believe the future of the industry depends not only on technology, but also on strong banking, regulatory and operational infrastructure.”
Source: CoinMENA
Revolut approaches UAE launch
Separately, the Central Bank of the United Arab Emirates (CBUAE) has approved Revolut’s application for a stored value facility and retail payment services license, according to Bloomberg.
Revolut reportedly plans to build its technical, operational and local capabilities before making the service available in the country. UAE customers are expected to be able to access multi-currency accounts, physical and virtual cards, and domestic and international money transfers through the company’s app.
Related: UAE-linked ADI Chain gains ledger support amid stablecoin growth
The London-headquartered fintech company is also reportedly considering expansion across the Middle East and North Africa, including Turkey and Morocco.
However, Revolut has not officially confirmed whether its local services include trading, transferring, staking digital assets, or accessing the Revolut X exchange. The reported license covers stored value and retail payment services rather than an explicit authorization for virtual asset activities.
Cointelegraph reached out to Revolut for comment but did not receive a response prior to publication.
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