United Arab Emirates’ telecommunications company, e&, has signed a memorandum of understanding with Al Maryah Community Bank to explore the use of AE Coin, a central bank-licensed dirham-pegged stablecoin, for payments across selected e& channels.
The telecom operator plans to test regulated blockchain-based payments for bills, recharges, and a broader set of digital transactions. According to reports, executives framed the collaboration as part of the UAE’s push toward regulated digital finance.
Hatem Dowidar, the CEO of e& Group, said the stablecoin enables “instant settlement, complete transparency, and frictionless access.” On the other hand, Mohammed Wassim Khayata, the CEO of Al Maryah Community Bank, described the initiative as a step toward expanding the “real-world applications” of licensed virtual assets.
e& to test regulated blockchain-based payments
The agreement stipulates that e& will assess how AE Coin can be integrated into the telecom giant’s payment infrastructure. The trial will allow customers to use the token to pay mobile and home-service bills, top up prepaid lines, manage postpaid recharges and interact with e&’s digital platforms and smart service systems.
According to Hatem Dowidar, e& UAE is setting a new standard for regulated digital finance: instant settlement, complete transparency, and frictionless access. “For our customers, this means choice, trust, and speed,” he stated.
“Through our partnership with Mbank, AE Coin will be integrated across e& UAE channels, offering a simple, secure way to pay that’s fully regulated and ready for everyday use. It’s another step toward making digital life effortless, embedding financial innovation directly into the services millions rely on daily,” he added.
Additionally, the company said that it would consider integrating e-commerce touchpoints with the token in the future. This will position the stablecoin as a potential alternative payment method within one of the UAE’s most widely used consumer ecosystems.
Ramez Rafeek, General Manager of AED Stablecoin, the company behind the dirham-pegged token, stated that the stablecoin was created to facilitate instant, transparent, and regulated digital payments.
However, the project is still in the exploration stage. An MoU is typically a sign of intent rather than a confirmation that something has been accomplished. This means that the timelines, the rollout range, and the measurable effects are still unknown.
Meanwhile, Tether and Circle have made major steps with the UAE regulator. This week, USDT stablecoin was officially recognized as an “Accepted Virtual Asset” (AVA) by the Financial Services Regulatory Authority (FSRA) within the Abu Dhabi Global Market (ADGM).
On the other hand, Circle received approval for its FSP (Financial Services Permission) license from the ADGM’s FSRA. As reported by Cryptopolitan, the FSP license allowed Circle to expand its regulated payment and settlement use cases for UAE financial institutions, businesses, and developers.
Crypto.com joins e& money to advance UAE crypto ecosystem
In other news, Crypto.com and e& money, a fintech arm of e&, have announced a partnership. According to the announcement, they plan to collaborate to enhance the UAE’s crypto landscape by introducing features that are compatible with both platforms.
e& money will explore partnership opportunities with Crypto.com’s crypto-as-a-service solution, which is designed to help partners integrate digital assets into Crypto.com’s treasury and product offerings through seamless integration and robust support.
Melike Kara Tanrikulu, CEO of e& money, stated, “Together with Crypto.com, we are not only fostering trust and compliance but also unlocking new possibilities for faster settlements, programmable rewards, and enhanced merchant experiences. By leveraging Crypto.com’s institutional-grade market expertise, we aim to deliver real-world utility that drives value for our customers and partners alike.”
The proposition will examine how Crypto.com provides a platform for executing trades with deep global liquidity, including the Crypto.com exchange. Subject to compliance with the necessary regulatory requirements, both parties may also explore opportunities for custody and payment partnerships.
Eric Anziani, President and Chief Operating Officer of Crypto.com stated, “We are continuously building towards providing consumers more ways to access and utilize cryptocurrencies in their everyday lives. We are excited to partner with a market leader in e& money that also shares our vision for an accessible, safe and secure digital commerce ecosystem.”
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Source: https://www.cryptopolitan.com/uae-e-dirham-stablecoin-bill-payments-pilot/
