Just shy of a full year after announcing its strategic partnership with Bitpanda Technology Solutions on August 19, 2024, RAKBANK has delivered on its promise — officially rolling out retail crypto trading directly within its mobile banking app.
The launch makes RAKBANK the first conventional bank in the UAE to offer retail customers the ability to buy, sell, and swap cryptocurrencies directly from their RAKBANK current or savings accounts, fully in AED, and with no foreign exchange impact. The service is powered by Bitpanda Broker MENA DMCC, regulated by Dubai’s Virtual Assets Regulatory Authority (VARA).
“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.” Raheel Ahmed, Group CEO, RAKBANK
A Cross-Continent Build with One Goal
For Dishang Patel, Head of Digital Assets at RAKBANK, this was never going to be an overnight rollout.
“It took multiple teams across two continents and endless collaboration using grit and determination,” Patel wrote on LinkedIn. “The constant was collective and unwavering focus on ensuring we maximise value and experience for our customers.”
The months between announcement and launch were spent aligning regulatory requirements, building secure integrations between RAKBANK’s banking infrastructure and Bitpanda’s trading platform, and fine-tuning the user experience for seamless in-app access.
Patel calls it the embodiment of RAKBANK’s “digital with a human touch” approach — applying the precision of banking to the speed of fintech.
What’s Live Now?
Customers onboarded into the RAKBANK crypto trading service can:
- Trade eight major cryptocurrencies (including Bitcoin, Ethereum, Solana, and Ripple).
- Access the lowest buy, sell, and swap fees in the market, with no FX charges.
- Transact entirely in AED directly from their bank accounts.
- Use the same award-winning RAKBANK app they already rely on for everyday banking.
This integration removes the traditional friction of crypto trading in the UAE, where customers have typically had to move funds to external exchanges, deal with currency conversion, and navigate multiple platforms.
Why This Matters
RAKBANK’s move goes beyond a new product launch — it signals a shift in how traditional banks in the UAE are positioning themselves in the digital asset economy. By embedding crypto directly into its core retail banking experience, RAKBANK is lowering the barrier for entry and setting a precedent for regulated, bank-led crypto access in the region.
In a market where crypto adoption is growing but often limited to fintech-led platforms, the bank’s involvement offers an extra layer of trust and compliance that could draw in first-time traders.
While the rollout is currently invitation-only, wider access is expected in the coming months. If successful, RAKBANK’s model could inspire other UAE banks to follow suit — making crypto trading as commonplace as sending a bank transfer.
For now, RAKBANK has delivered what it set out to do just under a year ago: take crypto out of the periphery and put it right inside a customer’s trusted banking environment.
