CoinMENA, a cryptocurrency exchange operating in the United Arab Emirates, has signed a banking agreement with Standard Chartered to enhance how customers move between crypto and fiat. The deal is designed to strengthen fiat payment infrastructure, with Standard Chartered set to support key functions including on- and off-ramps and transaction management through virtual account arrangements.
In a separate development, Bloomberg reports that the Central Bank of the UAE has approved Revolut’s applications for Stored Value Facilities and Retail Payment Services licenses—another sign that mainstream fintech is preparing for deeper involvement in the UAE’s regulated financial landscape, even as questions remain about whether digital-asset services will be included at launch.
CoinMENA announced that it has entered a banking agreement with Standard Chartered, aiming to “strengthen fiat payment infrastructure” for customers in the UAE. According to a press release shared with Cointelegraph, the exchange will use Standard Chartered to facilitate fiat on- and off-ramps as well as client money accounts.
The agreement also covers virtual account-based transaction management, which CoinMENA says is intended to bring more structured handling of transfers. The exchange believes this will help improve transparency and liquidity settlement when transacting with approved global counterparties.
The move comes as the UAE’s digital asset ecosystem continues to mature and attract more institutional participation. For many exchanges, reliable access to regulated banking infrastructure is increasingly treated as a prerequisite for scaling fiat volumes, reducing operational friction, and meeting compliance expectations tied to customer funds handling.
Standard Chartered UAE, Middle East and Pakistan CEO Rola Abu Manneh said in the announcement that the UAE has positioned itself as a leading regulatory environment for digital assets. She suggested this creates collaboration opportunities for financial institutions and regulated firms.
That emphasis matters because crypto firms increasingly rely on bank partnerships not just for payment convenience, but for settlement reliability and compliance processes that can be difficult to replicate through non-bank alternatives. In this context, CoinMENA’s choice to anchor parts of its fiat flow around a major global bank reflects a broader trend in which exchanges seek “bank-grade” rails as they expand.
CoinMENA co-founders Dina Sam’an and Talal Tabbaa underlined the strategy in a joint statement, arguing that the industry’s future hinges on banking, regulatory, and operational foundations—not solely on technology.
For UAE-based exchanges, fiat rails are often the difference between frictionless onboarding and a payment process that can be slow, inconsistent, or difficult to scale. While the press release does not quantify outcomes such as reduced settlement time or improved throughput, it does outline the operational components involved: fiat on- and off-ramps, client money accounts, and virtual account transaction management.
These elements are particularly relevant for exchanges that want to attract a wider range of users, including those who prefer predictable banking workflows and clear custody or segregation practices for customer funds. The pledge of “improved transparency” also suggests that CoinMENA views clearer transaction handling and settlement processes as critical to trust and compliance.
Investors and users should watch how partnerships like this translate into day-to-day experience—such as deposit and withdrawal reliability, the smoothness of conversion flows, and whether settlement with counterparties becomes more consistent as volumes grow. Over time, exchanges with stronger banking connectivity may be better positioned to handle institutional-level demand that depends on dependable fiat processing.
Separately, Bloomberg reports that the Central Bank of the UAE has approved Revolut’s applications for Stored Value Facilities and Retail Payment Services licenses. The report frames this as the fintech moving closer to a UAE launch, with Revolut reportedly planning to build out technology, operations, and local capabilities before it makes its services available.
Bloomberg also notes that UAE users are expected to receive multi-currency accounts, physical and virtual cards, and domestic and international transfers through Revolut’s app. The combination of stored value and retail payment services indicates a focus on payments infrastructure and consumer financial utility rather than a direct digital-asset platform at the outset.
At the same time, the scope of authorization remains a key point for readers. The licenses approved in the report relate to stored value and retail payment services, not an explicit waiver for “virtual asset” activity. Revolut has not publicly confirmed—per Bloomberg’s reporting—whether its UAE offering will include digital asset trading, transfers tied to crypto, staking, or access to its Revolut X exchange.
Cointelegraph reached out to Revolut for comment but did not receive a response before publication, leaving details about a possible digital-asset component uncertain.
Bloomberg also reports that Revolut is considering additional expansion across the Middle East and North Africa, including Turkey and Morocco. If so, the UAE could become a test case for how rapidly the firm scales regulated payments in the region ahead of any expanded service offerings.
These two developments—CoinMENA’s banking agreement with Standard Chartered and Revolut’s central bank licensing progress—highlight the UAE’s push toward deeper integration between regulated banking rails and digital finance services. The immediate questions for market participants are whether CoinMENA’s fiat improvements translate into measurable user and liquidity outcomes, and whether Revolut’s UAE rollout stays strictly within payments or eventually broadens into explicitly licensed digital-asset functions.
This article was originally published as CoinMENA Partners With Standard Chartered to Use UAE Payment Rails on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.
