RAKBANK has launched a crypto brokerage service for retail customers, making it the first conventional bank in the UAE to offer crypto trading services to customers.
Through the new offering, RAKBANK customers can buy, sell, and swap cryptocurrencies by accessing Bitpanda’s crypto trading platform through RAKBANK’s mobile banking app.
RAKBANK will facilitate access to the platform, which is owned and operated by Bitpanda, the digital asset infrastructure provider. All transactions will take place in AED, to eliminate foreign currency transfer fees and forex losses.
By executing all transactions directly from the customer’s RAKBANK current or savings account, it also avoids the traditionally lengthy and inefficient processes of moving money in and out of crypto exchanges.
This milestone is powered by RAKBANK’s partnership with Bitpanda, via its group’s Dubai 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.
“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,” explained Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda. “This is exactly how the future of finance should look: simple, compliant, and built to meet real user needs.”
‘The digital bank with a human touch’
Raheel Ahmed, group CEO of RAKBANK, also 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 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.”
The service is currently by invitation only and will be rolled out to more customers over the coming months.
