30.07.2025 00:00
Rakbank, the National Bank of Ras Al Khaimah, has pioneered a new era in the UAE's banking sector by becoming the first conventional bank to offer retail cryptocurrency trading services. This bold move underscores the accelerating integration of digital currencies into mainstream finance within the region. Customers can now effortlessly buy, sell, and swap cryptocurrencies directly through the bank's mobile app, using their UAE dirham accounts.
This seamless integration is the result of a strategic partnership between Rakbank and Bitpanda, a globally recognized digital asset platform regulated by Dubai's Virtual Assets Regulatory Authority (VARA). Leveraging Bitpanda Broker MENA DMCC, Rakbank has smoothly incorporated crypto trading functionality into its existing digital banking infrastructure. Crucially, transactions are conducted entirely in AED, eliminating the usual complexities and fees associated with foreign exchange conversions.
The innovative service dramatically simplifies the cryptocurrency trading experience. Unlike typical crypto exchanges, users bypass cumbersome onboarding processes and lengthy fund transfers. Transactions happen directly within their existing Rakbank accounts, a significant improvement in accessibility and convenience. This streamlined approach opens up crypto trading to a much wider customer base.
Raheel Ahmed, Rakbank's Group CEO, emphasized the strategic alignment of this initiative with the bank's commitment to digital innovation while maintaining a personalized customer experience. He highlighted the regulated, simplified, and secure platform provided through Bitpanda as a key benefit for their customers. Ahmed stated that they are providing UAE customers with a more efficient and seamless crypto trading journey, conducted entirely in AED and under full regulatory compliance.
This collaboration between Rakbank and Bitpanda represents a landmark achievement in the UAE's regulatory landscape for digital assets. Lukas Enzersdorfer-Konrad, Bitpanda's Deputy CEO, described the partnership as a major step towards establishing regulated, user-friendly, and trustworthy cryptocurrency services. He views the integration of crypto capabilities into established banking systems as the future of finance—a future defined by compliance and customer focus. Currently, access to this service is by invitation only, with a wider rollout planned for the coming months.
