CoinMENA has partnered with Standard Chartered to build a fiat settlement infrastructure, amidst the MENA cryptocurrency market's growth of approximately 33% per year.
CoinMENA FZE, a virtual asset broker and trader licensed by the Dubai Virtual Asset Management Authority (VARA), has announced a strategic partnership with Standard Chartered in the United Arab Emirates ( UAE ).
The agreement aims to strengthen the fiat payment infrastructure and simplify deposit and withdrawal processes for the platform's customers, amid growing demand for connectivity between regulated cryptocurrency companies and traditional banking systems in the UAE.
Under the agreement, CoinMENA will leverage Standard Chartered's banking capabilities to deploy customer funds accounts with enhanced security, faster settlement channels, and a virtual account-based transaction management system. These solutions are expected to shorten account deposit times, improve settlement efficiency, and increase transparency in transaction flows.
In addition, the integration aims to expand CoinMENA's liquidation settlement capabilities with approved global partners, thereby completing the fiat currency infrastructure within a regulated ecosystem.
Strengthening its position as a central hub for crypto assets in the MENA region.
Rola Abu Manneh, CEO of Standard Chartered in the UAE, Middle East, and Pakistan, noted that the UAE has become one of the world's leading regulatory environments for crypto assets, thereby opening up new opportunities for collaboration between regulated companies and major financial institutions.
Sharing this view, the two co-founders of CoinMENA Group, Ms. Dina Sam'an and Mr. Talal Tabbaa, believe that the future of the cryptocurrency industry depends not only on technology but also on a solid banking, legal, and operational foundation. According to them, the partnership with Standard Chartered is proof of CoinMENA's commitment to building institutionally-standard infrastructure to serve customers across the Middle East and North Africa (MENA) region.
CoinMENA identifies this agreement as a significant step in integrating banking for crypto assets in the MENA region, and states that it will continue to expand its portfolio of secure services to meet its growing customer base. The company cites figures showing that users in the MENA region will account for nearly 7.5% of global crypto volume in 2024.
More notably, according to a report by Chainalysis, the cryptocurrency market in this region is projected to achieve an annual growth rate of approximately 33% by 2025. This figure reflects the growing appeal of MENA as a new destination for global cryptocurrency Capital flows and explains why international banks like Standard Chartered are expanding their presence in this sector.
