In a new move for the UAE’s financial sector, RAKBANK has unveiled its new crypto brokerage service, becoming the first traditional bank in the country to offer retail customers the ability to buy, sell, and swap cryptocurrencies directly through its mobile banking app.
This new service is powered by a partnership with Bitpanda, a globally recognized digital asset infrastructure provider. By integrating Bitpanda’s trading platform, RAKBANK enables users to conduct crypto transactions seamlessly in AED, eliminating foreign currency conversion fees and potential forex losses.
Unlike the typical crypto onboarding experience, which often requires moving funds between banks and exchanges, RAKBANK’s service allows customers to transact directly from their current or savings accounts.
“This is a significant milestone not only for RAKBANK but also for the UAE’s evolving digital asset landscape,” said Raheel Ahmed, Group CEO of RAKBANK. “We are proud to be the first conventional bank in the UAE to offer our retail customers secure and regulated access to digital assets through our award-winning app. This collaboration reflects our vision to be a digital bank with a human touch and a commitment to making crypto trading simple, safe, and accessible.”
Bitpanda’s role is facilitated through its Dubai-based, VARA-regulated entity, Bitpanda Broker MENA DMCC. The company is also licensed by several European regulators and provides digital asset infrastructure to major global institutions including Deutsche Bank, Raiffeisen Bank, and N26.
Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, emphasized the broader implications of the launch: “Partnering with RAKBANK is a big moment for digital assets in the region. Together, we’re demonstrating that crypto can be delivered in a safe, compliant, and user-friendly way by a trusted financial institution — this is what the future of finance looks like.”
Currently available by invitation only, the crypto service is expected to expand to more RAKBANK customers in the coming months.
