RAKBANK has introduced a crypto brokerage service through a partnership with Bitpanda, marking a breakthrough in the UAE banking sector.
The feature, currently available by invitation only, allows individual customers to buy, sell, and swap cryptocurrencies using United Arab Emirates dirhams (AED) directly from their RAKBANK accounts.
The bank is offering the service in collaboration with Bitpanda, a digital asset infrastructure provider whose regional operations are regulated by Dubai’s Virtual Assets Regulatory Authority (VARA) under the entity Bitpanda Broker MENA DMCC. Bitpanda is also authorised by various European regulators. The platform is integrated into RAKBANK’s mobile app but is operated solely by Bitpanda. Customers carry out transactions in AED, removing the need for currency conversion and avoiding related fees or exchange rate fluctuations.
Streamlining access to regulated crypto services
According to RAKBANK representatives, the collaboration aims to simplify the customer experience by eliminating the need to move funds to external crypto exchanges. Transactions are executed directly from the user’s current or savings account within the app, removing intermediary steps commonly associated with crypto trading.
Bitpanda officials stated that the initiative reflects a growing trend toward integrating digital assets into mainstream banking environments in a regulated and user-focused way. They also noted that access to digital assets through established financial institutions may increase trust and adoption.
Bitpanda Technology Solutions, the company’s institutional service, is already being used by other financial entities, including banks in Europe. The firm's platform reportedly supports over 3,200 assets across cryptocurrencies, stocks, ETFs, precious metals, and commodities. Its operations are headquartered in Vienna, with offices in cities such as Barcelona, Berlin, and Bucharest.
RAKBANK, officially the National Bank of Ras Al Khaimah, is a publicly traded entity on the Abu Dhabi Securities Exchange and is majority-owned by the Government of Ras Al Khaimah. The bank has been operating since 1976 and provides conventional and Islamic banking services across personal, wholesale, and business banking segments.
