UAE Approves MBank’s AE Coin for Government Fee Payments
The UAE has authorized MBank's AE Coin for government fee payments, marking a significant step in the country's digital asset adoption. Major financial institutions, including Commercial Bank of Dubai, Abu Dhabi Islamic Bank, and Network International, have signed memorandums of understanding with MBank to establish the necessary payment infrastructure across federal ministries and government service channels.
This MOVE positions the UAE as a global leader in regulated digital-asset innovation. His Excellency Saeed Rashed Al Yateem of the Ministry of Finance emphasized the initiative's role in accelerating revenue collection, reducing operational costs, and improving financial transparency at the national level.
MBank CEO Mohammed Wassim Khayata highlighted how regulated digital finance can enhance public services, while users gain access to instant, efficient, and secure payment solutions.
