Rakbank Pioneers Crypto Trading for UAE Retail Customers
By: Eliza Bennet
In a groundbreaking move within the financial sector of the United Arab Emirates (UAE), Rakbank, officially known as the National Bank of Ras Al Khaimah, has emerged as the first traditional bank to provide cryptocurrency trading services to its retail customers. This pioneering initiative allows Rakbank’s clients to engage in cryptocurrency transactions directly through the bank’s mobile app by facilitating buying, selling, and swapping of digital assets from their UAE Dirham accounts.
The bank's strategic collaboration with Bitpanda, a globally recognized digital asset platform regulated by Dubai's Virtual Assets Regulatory Authority (VARA), has made this offering possible. Through this partnership, Rakbank has seamlessly integrated crypto trading capabilities into its digital banking infrastructure. This integration eliminates typical hurdles such as foreign exchange fees and complex transfer procedures, as transactions are conducted efficiently in AED.
This service not only enhances the accessibility of digital assets but also streamlines the cryptocurrency trading experience by simplifying processes traditionally associated with standalone platforms. Raheel Ahmed, Group CEO of Rakbank, highlighted the significance of this initiative, emphasizing the bank’s commitment to digital innovation while maintaining a personal touch. He stated, "We recognize the opportunity this solution provides to customers in the UAE, as they deserve a more efficient and seamless crypto buying, selling, and swapping journey that is fully regulated and entirely in AED."
The collaboration marks a pivotal moment in regulatory advancements and digital asset adoption within the UAE banking sector. Initial access to these crypto services is offered on an invitation-only basis, with plans for a broader rollout in the coming months. Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, described the partnership as a critical step towards offering crypto services that are regulated, straightforward, and trustworthy, underscoring the future of finance as one marked by compliance and customer-centric simplicity.
