CoinMENA, Standard Chartered partner on UAE fiat rails

CoinMENA has entered a banking agreement with Standard Chartered to use the bank for fiat on- and off-ramps, client money accounts and virtual account-based transaction management for customers in the United Arab Emirates.

Under the terms, Standard Chartered will operate client money accounts and provide virtual account structures to centralize transaction flows for CoinMENA’s UAE customers. The exchange described the setup as intended to support fiat deposits and withdrawals and to simplify settlement processes with approved global counterparties.

CoinMENA said the arrangement aims to strengthen fiat payment rails, increase transparency and streamline liquidity settlement with global counterparties that meet its approval processes.

Rola Abu Manneh, CEO for Standard Chartered UAE, Middle East and Pakistan, described the UAE as having established a leading regulatory environment for digital assets and said that creates collaboration opportunities for financial institutions and regulated firms.

In a joint statement, CoinMENA co-founders Dina Sam’an and Talal Tabbaa wrote that the industry’s future depends on strong banking, regulatory and operational foundations, not only technology.

Industry participants have identified access to regulated banking services as a recurring challenge for crypto firms. Exchanges in the region have sought partnerships with established banks to secure fiat rails, custody of client funds, payment processing and reconciliation through virtual accounts.

CoinMENA did not provide an operational timeline or disclose detailed technical integration plans for the Standard Chartered services. The exchange said the banking arrangement will support its regulated operations in the UAE and improve settlement efficiency with international counterparties.

The announcement follows wider regulatory and commercial developments in the UAE. The country’s central bank has approved license applications for a European fintech to offer Stored Value Facilities and Retail Payment Services, enabling local multi-currency accounts, cards and transfers once the firm establishes local operations. Those approvals do not specifically authorize virtual asset activities, and the fintech has not confirmed whether its local product will include cryptocurrency trading or other digital-asset features.