Latest news with #RAKBANK
Al Etihad
2 hours ago
- Business
- Al Etihad
RAKBANK becomes first UAE conventional bank to offer retail crypto trading via mobile app
30 July 2025 11:29 A. SREENIVASA REDDY (ABU DHABI) RAKBANK has launched a pioneering crypto brokerage service through its mobile banking app, allowing retail customers to buy, sell, and swap cryptocurrencies directly from their dirham accounts, a statement from the bank initiative makes RAKBANK the first conventional bank in the UAE to offer crypto trading, following a strategic partnership with Austrian fintech firm Bitpanda.'Through the service, customers can convert dirhams into a range of leading digital assets such as Ethereum (ETH), Solana (SOL), Ripple (XRP), Binance Coin (BNB), Chainlink (LINK), Tron (TRX), and Cardano (ADA),' according to FAQs on various aspects of crypto trading published on the bank's transactions are executed in dirhams, eliminating the need for foreign currency transfers and associated service is enabled via Bitpanda's crypto trading platform, which is accessible through RAKBANK's app. Bitpanda's custody infrastructure holds the digital assets, which cannot be transferred between FAQs also outline the procedures for trading. Users must link a RAKBANK current or savings account to access the service and ensure sufficient funds are available before placing orders through the crypto dashboard.'Customers can close their crypto accounts at any time by converting assets back to dirhams and raising a closure request within the app,' the FAQs service is currently available by invitation only, with plans for a broader rollout in the coming months. The partnership is facilitated through Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA) regulated entity. Bitpanda is also licensed by several European regulators and operates as a trusted platform for over 6.5 million users worldwide, including major financial institutions like Deutsche Bank, Raiffeisen Bank, and on the launch, Raheel Ahmed, Group CEO of RAKBANK, said, '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.'Bitpanda's Deputy CEO, Lukas Enzersdorfer-Konrad, added, '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.' Founded in Vienna in 2014, Bitpanda is recognised as Europe's leading crypto platform. It offers over 3,200 digital assets—including cryptocurrencies, stocks, ETFs, precious metals, and commodities—and maintains offices in Vienna, Barcelona, Berlin, and Bucharest. The firm is known for its strong regulatory standing and secure infrastructure, making it one of the most trusted trading platforms in the sector.
Zawya
a day ago
- Business
- Zawya
RAKBANK becomes the first UAE conventional bank to facilitate crypto brokerage service
Dubai, UAE: RAKBANK has announced the launch of its crypto brokerage service via its mobile app for retail customers, 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 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 or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with us on our social media platforms:
Bloomberg
22-07-2025
- Business
- Bloomberg
Ahmed: UAE's Economy Remains Resilient
UAE's RAKBANK has reported pre tax profit for the first half of the year at AED 1.5 billion. That's a 26% jump year on year, which the bank says has been driven by non-interest income growth and an improvement in asset quality. Raheel Ahmed, CEO of RAK Bank spoke to Bloomberg's Horizons Middle East and Africa anchor Joumanna Bercetche on the growth. (Source: Bloomberg)
Zawya
22-07-2025
- Business
- Zawya
UAE's RAKBANK posts double-digit rise in H1 net profit to $374mln
UAE-listed lender RAKBANK posted a net profit of AED 1.374 billion ($374 million) for the first half of the year, marking a 26% growth over the same period in 2024. Net earnings for the second quarter stood at AED 669 million, also rising by 22% from a year earlier, the bank reported on Monday. The significant jump in income has been attributed to higher non-interest earnings and better credit quality. The bank's operating profit went up by 7.7% to AED 1.68 billion in the first half, while total assets also expanded by 18.1% to AED 95 billion. Gross loans and advances grew by 17.4% to AED 51.3 billion over the same period, reflecting the expansion across all segments, including wholesale banking loans, which went up by 33%. Return on equity (ROE) stood at 22.1%, an improvement from 20.4%, while return on assets (ROA) was pegged at 3.1%, up from 2.9% a year ago. (Writing by Cleofe Maceda; editing by Seban Scaria)
Al Etihad
21-07-2025
- Business
- Al Etihad
RAKBANK posts record profit before tax of Dh1.58 billion for H1 2025, up 26%
21 July 2025 19:24 RAS AL KHAIMAH (ALETIHAD)RAKBANK has reported a record profit before tax of Dh1.58 billion for the first half of 2025, marking a 26% year-on-year increase, driven by robust growth in non-interest income and continued strength in asset bank's total income rose 9.5% to Dh2.68 billion in H1 2025, while total assets expanded 18.1% year-on-year to Dh95 billion. Customer deposits stood at Dh61.1 billion, reflecting a 4.5% rise. The CASA (current and savings account) base grew to Dh40.48 billion, with a CASA ratio of 66%—one of the highest in the profit after tax for the first half reached Dh1.374 billion, up 26.1% from the same period last year. For the second quarter alone, net profit stood at Dh669 million, a 22% increase profit for H1 2025 was Dh1.68 billion, up 7.7% year-on-year, though operating expenses also rose 12.9% due to investments in technology, data, people, and customer experience. The cost-to-income ratio increased slightly to 34.6% from 33.6%.Gross loans and advances grew 17.4% year-on-year to Dh51.38 billion, with wholesale banking loans rising by 33%, in line with the bank's diversification quality continued to improve, with the net impairment charge to average loans ratio reducing sharply to 0.7% from 1.7% a year ago. The impaired loan ratio declined to 1.9% from 2.4%, while provisions to gross loans fell to 5.2% from 6.2%.Return on equity rose to 22.1% from 20.4%, and return on assets improved to 3.1% from 2.9%. The bank maintained a strong capital position with a capital adequacy ratio of 18.8%, up from 18.0% a year earlier. Commenting on the results, Raheel Ahmed, CEO of RAKBANK, said: 'We are pleased to deliver a record first-half profit driven by continued income momentum, robust asset growth, and sustained credit quality improvements. These results reinforce our strategy of building a more diversified, resilient, and future-ready bank.' Source: Aletihad - Abu Dhabi
