29.07.2025 17:59
RAKBank, a leading financial institution in the United Arab Emirates (UAE), has pioneered a significant development in the nation's fintech landscape. For the first time, a traditional UAE bank is offering its retail customers direct cryptocurrency trading capabilities through its mobile banking application. This innovative service allows users to effortlessly buy, sell, and exchange various cryptocurrencies using the UAE dirham (AED) without the need for intermediary steps like foreign currency conversions or external exchanges.
This streamlined process eliminates the complexities previously faced by UAE residents. Previously, individuals had to navigate the intricacies of international cryptocurrency platforms, incurring additional fees and regulatory uncertainties associated with converting dirhams to other currencies and using platforms operating outside the UAE's regulatory framework. RAKBank's integration of crypto trading directly within its existing mobile banking app resolves these issues, creating a seamless and convenient user experience.
Powering this new service is Bitpanda, a reputable European cryptocurrency platform. Importantly, Bitpanda Broker MENA DMCC, the entity partnering with RAKBank, is fully regulated by the Virtual Assets Regulatory Authority (VARA) in Dubai. This regulatory compliance adds a significant layer of credibility and security for RAKBank's customers, differentiating this offering from many unregulated platforms. Bitpanda's established partnerships with major European financial institutions, such as Deutsche Bank and Raiffeisen Bank, further underscores its reliability and experience in the sector.
Raheel Ahmed, RAKBank Group CEO, highlighted the bank's commitment to providing its customers with superior financial services. He emphasized the bank's belief in delivering a more efficient and fully regulated cryptocurrency trading experience, conducted entirely within the UAE dirham. This launch signifies a major step forward for cryptocurrency adoption within the UAE, promising increased accessibility and convenience for its growing user base. The initiative represents a bold move by RAKBank and sets a new benchmark for banking institutions in the region.
