RAKBANK becomes the first UAE conventional bank to facilitate crypto brokerage service
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 AED, eliminating foreign currency transfer fees and forex losses altogether. What's more, 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 our 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.
Raheel Ahmed, Group CEO of RAKBANK, commented: 'RAKBANK has been a leader and pioneer in digital assets among UAE banks, and we are 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 recognize 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.'
Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, commented: 'Collaborating with RAKBANK is a big moment for digital assets in the region. Together, we're 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.'
The service is currently by invitation only and will be rolled out to more customers over the coming months.
About Bitpanda
Bitpanda was founded in Vienna in 2014 and is the leading European crypto platform. With a selection of over 3,200 digital assets, including more than 600 crypto assets and numerous stocks*, ETFs*, precious metals and commodities, the Austrian fintech unicorn offers one of the most comprehensive ranges of digital assets available in Europe. Already trusted by over 6.5 million users, and dozens of institutional partners, Bitpanda holds licences in several countries, and has a proven track record of working with local regulators to keep assets safe and secure. This makes Bitpanda one of the safest and most strictly regulated trading platforms in the industry. In addition to its headquarters in Vienna, Bitpanda has offices in Barcelona, Berlin and Bucharest.
About RAKBANK
RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE.
We're a public joint stock company based in Ras Al Khaimah, UAE, with our head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road. The Government of Ras Al Khaimah holds the majority of our shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX).
RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Our transformative digital journey aims to be a 'digital bank with a human touch,' accompanying you during key moments.
With 20 branches and advanced Digital Banking solutions, we offer a wide range of Personal, Wholesale, and Business Banking services. Through our Islamic Banking unit, RAKislamic, we provide Sharia-compliant services to make your banking experience seamless, whether you visit us in person or online.
For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000.
Alternatively, you can connect with us on our social media platforms:
linkedin.com/rakbank
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