Al Maryah Community Bank (Mbank), the UAE’s pioneering fully digital bank, has unveiled a strategic partnership with East & West International Group (EWIG) to introduce AE Coin payment capabilities for real estate transactions via the AEC Wallet, powered by Mbank. This significant development underscores EWIG’s leadership in UAE real estate by facilitating blockchain-enabled payments with AE Coin, the country’s inaugural AED-backed stablecoin, regulated by the UAE Central Bank.
This collaboration represents a substantial advancement in the practical application of blockchain in real estate, allowing buyers and tenants to make payments instantly and securely with AE Coin, while enjoying reduced transaction costs and enhanced transparency, all within a fully regulated ecosystem.
Through this alliance, EWIG emerges as a trailblazer in the UAE real estate industry by accepting AE Coin payments, setting a benchmark for innovation and customer-focused digital solutions in the property market.
Dr. Hussein Abdelqader Harhara, EWIG’s General Manager, emphasized that this initiative aligns with the Group’s strategy to boost efficiency and transparency in real estate dealings, stating: “We are dedicated to offering our clients innovative solutions that reflect the latest in financial technology and support the UAE’s vision for a fully integrated digital economy.”
Mohammed Wassim Khayata, CEO of Mbank, remarked: “We are excited to collaborate with East & West International Group, a trusted leader in the UAE real estate market. Their willingness to embrace AE Coin payments sets a new benchmark for innovation in this sector. This is a vital step in advancing blockchain adoption in high-value, real-world scenarios. Together, we are not only digitalizing property payments but also shaping the future of financial services in the UAE.”
Ramez Rafeek, General Manager of AED Stablecoin, added: “This partnership with EWIG signifies the onset of real-world blockchain integration in real estate. As the UAE’s leading developer to offer AE Coin payments through the AEC Wallet, EWIG is setting a precedent. This is more than just adopting a new currency; it’s about revolutionizing the infrastructure behind real estate transactions.”
The AEC Wallet is now live and accessible on iOS, Android, and AppGallery, enabling verified users to conduct instant payments for real estate transactions, rent, and related services. This integration allows EWIG clients to enjoy seamless, real-time settlements within the UAE’s first regulated digital currency framework.
