RAKBANK, one of the oldest banks in the UAE, has become the first conventional bank in the country to offer crypto brokerage services for its retail customers. This milestone event happened following a collaboration with the European fintech company, Bitpanda, which will provide a top-notch API-driven and fully secure ISO271001-certified infrastructure to the bank.
“By committing to future collaboration, we’re also committing to a bold future of innovation for digital assets in the UAE”, read an official statement by Bitpanda. The fintech company is also looking to bring benefits for people in the region by finding new ways to integrate digital assets with the traditional financial ecosystem.
The new partnership will enable RAKBANK customers to access crypto trading services within their existing app, with RAKBANK’s current brand.
“We recognize the opportunity this solution will provide to customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling, and swapping journey that is fully regulated and entirely in AED”, said Raheel Ahmed, Group CEO of RAKBANK.
For Lukas Enzersdorfer-Konrad, Deputy CEO of Bitpanda, this collaboration shows how crypto can be offered in a regulated, safe, and simple way, directly from a major conventional bank that customers already trust.
