Cryptocurrency exchange CoinMENA has entered into a banking agreement with Standard Chartered to strengthen its fiat payments infrastructure for customers in the United Arab Emirates.

Under the agreement, CoinMENA will operate Standard Chartered to handle fiat entry and exit, customer cash accounts and manage virtual account-based transactions, according to a press release shared with Cointelegraph. The exchange said the agreement would improve transparency and liquidity settlements with approved global counterparties.

In a statement, Standard Chartered CEO for the UAE, Middle East and Pakistan Rola Abu Manneh said the UAE has established itself as a leading regulatory environment for digital assets, creating collaborative opportunities for financial institutions and regulated companies.

The deal 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 are becoming an increasing priority for exchanges looking for reliable fiat payment rails and settlement services.

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

Source: CoinMENA

Revolut is getting closer to its launch in the United Arab Emirates

Separately, the Central Bank of the United Arab Emirates (CBUAE) has approved Revolut’s applications for licenses for Stored Value and retail payment services, According to to Bloomberg.

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

Related: UAE-linked ADI chain gains Ledger support as stablecoins surge

The London-based fintech is also reportedly considering expanding into 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 the Revolut X exchange. The reported licenses are for stored value and retail payments services, and not an explicit authorization for virtual asset activities.

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

Warehouse: Bitcoin Memory Thief in China, Bithumb CEO, Reserved: Asia Express