RAKBANK and Bitpanda Launch Crypto Services in UAE

RAKBANK, one of the oldest banks in the UAE, which is also known as National Bank of Ras Al Khaimah, on Tuesday said that it has launched its crypto brokerage service with Vienna-headquartered crypto exchange Bitpanda via its mobile app for retail customers, thus becoming the first conventional bank in the UAE to enable crypto trading services for its customers.

With this new offering, RAKBANK customers can buy, sell, and swap cryptocurrencies by accessing Bitpanda’s crypto trading platform through RAKBANK’s mobile banking app. The platform is owned and operated by Bitpanda, to which RAKBANK facilitates the access. 

All transactions will take place in UAE dirhams, eliminating foreign currency transfer fees and forex losses altogether. Furthermore, the transactions are executed directly from the customer’s RAKBANK current or savings account, avoiding the need for lengthy and inefficient processes to move money in and out of crypto exchanges. The transaction is fulfilled through RAKBANK’s partner Bitpanda’s best-in-class platform.

This milestone is powered by RAKBANK’s partnership with Bitpanda, one of the world’s most trusted and scalable digital asset infrastructure providers, via its group´s Dubai’s Virtual Assets Regulatory Authority (VARA) regulated entity Bitpanda Broker MENA DMCC.

Bitpanda is also regulated by multiple European regulators. Its institutional service, Bitpanda Technology Solutions, is already trusted by leading global financial institutions, including Deutsche Bank, Raiffeisen Bank, and N26.

With this launch, RAKBANK will be providing its customers with seamless, fast, and efficient access to digital assets in a fully regulated way.

Leader in Digital Assets

RAKBANK Group CEO Raheel Ahmed said that RAKBANK has been a leader and pioneer in digital assets among UAE banks, and they were proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world class digital assets platform.

“We recognise the opportunity this solution will provide to customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED. With this service through our award-winning digital app and collaboration with a leading crypto trading platform, we are staying true to our strategy of being the digital bank with a human touch,” he added.

Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, said that collaborating with RAKBANK is a big moment for digital assets in the region.

“Together, we are showing how crypto can be offered in a safe, regulated, and simple way – directly from a major conventional bank that customers already trust. This is exactly how the future of finance should look: simple, compliant, and built to meet real user needs,” Lukas added.

The service is currently by invitation only and will be rolled out to more customers over the coming months.