CoinMENA, Revolut Expand UAE Financial Services Footprint

Crypto exchange CoinMENA has entered a banking agreement with Standard Chartered to strengthen fiat payment infrastructure for customers in the United Arab Emirates.

Under the agreement, CoinMENA will use Standard Chartered to support fiat on- and off-ramps, client money accounts and virtual account-based transaction management, according to a press release shared to Cointelegraph. The exchange said the arrangement would improve transparency and liquidity settlement with approved global counterparties. 

In the announcement, Standard Chartered UAE, Middle East and Pakistan CEO Rola Abu Manneh said the UAE had established itself as a leading regulatory environment for digital assets, creating opportunities for financial institutions and regulated firms to collaborate. 

The agreement reflects growing efforts by crypto firms in the UAE to secure access to regulated banking infrastructure as the country’s digital asset sector matures and attracts greater institutional participation. Banking partnerships have increasingly become a priority for exchanges seeking reliable fiat payment rails and settlement services.

“We believe the industry’s future depends on strong banking, regulatory, and operational foundations, not just technology,” CoinMENA co-founders Dina Sam’an and Talal Tabbaa said in a joint statement.

Source: CoinMENA

Revolut moves closer to UAE launch

Separately, the Central Bank of the UAE (CBUAE) approved Revolut’s applications for Stored Value Facilities and Retail Payment Services licenses, according to Bloomberg.

Revolut reportedly plans to build out its technology, operations and local capabilities before making its services available in the country. UAE customers are expected to gain access to multi-currency accounts, physical and virtual cards, and domestic and international transfers through the company’s app.

Related: UAE-linked ADI Chain gains Ledger support amid stablecoin growth

The London-headquartered fintech is also reportedly considering expansion across the Middle East and North Africa, including Turkey and Morocco.

However, Revolut has not publicly confirmed whether its local offering will include digital asset trading, transfers, staking or access to its Revolut X exchange. The reported licenses cover stored-value and retail payment services rather than explicit authorization for virtual asset activities.

Cointelegraph reached out to Revolut for comment but did not receive a response before publication.

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