- RAKBANK becomes UAE’s first traditional bank to launch in-app crypto trading.
- New service allows AED crypto transactions without foreign exchange complications.
- Bitpanda partnership ensures VARA-licensed, regulated access to digital assets.
In a bold move reshaping the regional banking landscape, RAKBANK has launched a crypto brokerage service within its mobile app. This makes it the first conventional bank in the UAE to offer retail customers direct access to buy, sell, and swap cryptocurrencies.
According to the press release, through a strategic partnership with Bitpanda, RAKBANK aims to deliver a simplified and fully regulated crypto trading experience. This service will be offered directly in AED, eliminating the common hurdles tied to foreign exchanges.
Bringing Regulated Crypto Access to Everyday Banking
RAKBANK’s collaboration with Bitpanda represents a major step in aligning traditional banking with modern digital asset solutions. Customers can now conduct cryptocurrency transactions directly from their savings or current accounts. This integration avoids the time-consuming process of transferring money to third-party exchanges and dealing with forex losses.
All crypto activities are facilitated through Bitpanda’s platform, a trusted digital asset provider licensed by Dubai’s Virtual Assets Regulatory Authority (VARA). Bitpanda’s strong regulatory footprint across Europe, along with its existing partnerships with institutions like Deutsche Bank and Raiffeisen Bank, adds credibility to the offering.
Seamless Experience with Customer-Centric Approach
The new service is designed to offer seamless functionality through RAKBANK’s award-winning mobile app. Transactions occur in local currency, removing the usual barriers of international trading. Significantly, this eliminates foreign currency transfer fees and exchange rate risks, simplifying the user journey.
This offering also underscores RAKBANK’s strategy to combine innovation with human-centric banking. According to Raheel Ahmed, Group CEO of RAKBANK, this move reinforces the bank’s commitment to providing secure and efficient digital asset solutions. It represents a critical step toward delivering regulated crypto services that meet real customer needs without unnecessary complexity.
Invitation-Only Launch with Broader Access Coming Soon
Currently, the service is available on an invitation-only basis. However, RAKBANK plans a broader rollout over the coming months. This measured launch strategy ensures a controlled, secure, and user-focused introduction to crypto for its customer base.
Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, emphasized the importance of trust and simplicity in enabling digital asset adoption. The partnership with RAKBANK reflects the future of finance, where conventional institutions embrace emerging technologies to serve evolving user expectations.
