[PRESS RELEASE – Abu Dhabi, United Arab Emirates, June 24th, 2025]

In coordination with the Integrated Transport Center (ITC) of the Department of Municipalities and Transport, Tawasul Transport, in collaboration with Al Maryah Community Bank (Mbank), launched a groundbreaking initiative enabling passengers to pay electronically via the AEC Wallet app using the stable digital currency AE Coin across all Tawasul taxis in the Emirate of Abu Dhabi.

This milestone is part of joint efforts to enhance digital payment solutions and develop a smart, secure, and seamless transportation experience. The initiative is the first of its kind globally to adopt a stablecoin pegged to the UAE dirham for public transport payments.

The launch event featured the first official payment using AE Coin following a completed ride in one of Tawasul’s taxis—a move that reinforces Abu Dhabi’s commitment to transitioning toward a digital and sustainable transportation system.

The AEC Wallet offers a simple and secure payment experience, allowing users to complete transactions by scanning a QR code inside the vehicle. AE Coin is pegged at a fixed rate of 1 AED = 1 AEC, ensuring strong financial stability and building trust in digital currency usage.

The AEC Wallet app is available for free on the Apple Store, Google Play, and Huawei AppGallery. It features an innovative user experience focused on fast transactions, robust security, and reduced transfer costs.

With this initiative, taxi passengers in Abu Dhabi can now benefit from an advanced digital payment experience that aligns with the emirate’s ambitions for digital transformation and strengthens its position as a global hub for fintech and smart mobility.

Tawasul Transport:

Mr. Ghena Jbour, General Manager of Tawasul Transport, stated: “This initiative serves as a model of effective collaboration between all entities striving for continuous development within the integrated transport ecosystem. It reinforces the UAE’s leading position in innovation and digital transformation in the transportation sector. At Tawasul Transport, we believe that digital transformation is not merely an option—it is a necessity to meet the evolving expectations and daily needs of users.

This step contributes to enhancing the customer experience by simplifying the payment process and providing multiple secure payment options, in line with Abu Dhabi’s vision of building a smart and sustainable transport system. The adoption of AE Coin in the public transport sector reflects our commitment to supporting future-focused financial solutions that combine technology, convenience, and sustainability. We will continue working to expand these solutions to cover additional services in the future.”

Al Maryah Community Bank:

Mr. Mohammed Wassim Khayata, CEO of Mbank, said: “We are proud to be part of this innovative collaboration with Tawasul Transport and the Integrated Transport Center, as it aligns perfectly with our vision of driving the future of digital payments in the UAE. AE Coin is not just a digital currency, it’s a key pillar of the UAE’s emerging financial infrastructure, bringing stability and compliance into real-time consumer payments through blockchain. Today, we are introducing a transformative payment experience, offering customers a future-forward, cashless, secure, and cost-effective way to use public transport. It’s a step forward in bringing the UAE’s Digital Government Strategy 2025 to life.”

He added: “As part of its strategic roadmap, Mbank is focused on forging future partnerships with businesses and government entities to expand the adoption of AEC Wallet across various sectors, revolutionizing digital payments for both consumers and businesses in the UAE.”

AED Stablecoin:

Ramez Rafeek, General Manager of AED Stablecoin, commented: “The collaboration with Tawasul Transport marks a pivotal moment for AE Coin and AEC Wallet. By offering passengers a secure and seamless payment option in all Tawasul taxis, we are demonstrating how digital currencies can integrate effortlessly into everyday life. This partnership exemplifies the power of innovation and cooperation in driving the future of digital payments, and we’re thrilled to be at the forefront of this transformation.”

Coming soon: The AEC Wallet app will be accepted across more transportation services, merchants, and retail outlets across the UAE, further enhancing the customer experience and offering more opportunities to use AE Coin in everyday transactions.

About Integrated Transport Centre

The Integrated Transport Centre (ITC), affiliated with the Department of Municipalities and Transport, is the legislative, regulatory, and supervisory authority responsible for managing and developing the transport sector in the Emirate of Abu Dhabi. It formulates policies and frameworks aimed at establishing a smart, safe, and integrated mobility system that supports the Emirate’s aspiration to be among the most advanced cities in the world.

ITC oversees all land, maritime, and aviation transport activities across the Emirate, ensuring the integration and advancement of the mobility system in line with urban expansion and population growth. It also strives to harness the latest technologies, innovation, and sustainability tools to meet future mobility demands, enhance quality of life, and redefine urban living standards by embedding advanced solutions and promoting sustainable mobility practices.

About Tawasul Transport

Tawasul Transport Company, established in 2007, is a leading provider of taxi services in the Emirate of Abu Dhabi. With a fleet known for its high quality, safety, and comfort, Tawasul Transport has become a trusted provider of public transport services, committed to ensuring customer satisfaction.

As part of its commitment to innovation and shaping the future of transportation, Tawasul Transport is currently operating autonomous vehicles in support of smart and sustainable mobility initiatives. This strengthens its position as a pioneering company in adopting future-ready solutions for modern transport systems.

The company operates 24/7 throughout the year, in alignment with the goals of the Integrated Transport Center (ITC), the official authority responsible for regulating and managing public transport services in the Emirate. Tawasul actively contributes to realizing Abu Dhabi’s vision of building a smart, safe, and sustainable transport ecosystem that meets community needs and keeps pace with future aspirations.

For more information, users can call 02 444 3673 or contact info@tawasul.ae.

About Al Maryah Community Bank

Al Maryah Community Bank (Mbank) is the first fully integrated digital bank in the UAE, providing an omnichannel experience for both individual consumers and small businesses. The bank is highly specialized, focusing on growth and serving the UAE community, which includes UAE Nationals, residents, and businesses (both SMEs and corporates). The bank’s vision aligns with that of the UAE’s leaders, who are committed to supporting individuals and small businesses within the UAE economy and fostering a forward-thinking culture that emphasizes innovation and technology.

For further information, users can call 600571111 or contact info@mbankuae.com.

About AE Coin

AE Coin is a next-generation stable digital currency regulated by the Central Bank of the UAE, offering secure, transparent, and efficient financial services. With a focus on local payments, decentralized finance, and innovative rewards systems, AE Coin is redefining the way users interact with digital money. Headquartered in Abu Dhabi, UAE, AE Coin leads the region in digital finance innovation.

Website: www.aecoin.com