The National Bank of Ras Al Khaimah (“RAKBANK”), a major UAE bank that has been leading in the digital assets sector, has reached an agreement with Bitpanda Technology Solutions, a leading digital assets infrastructure provider, to offer a robust platform that will permit UAE residents to effortlessly manage digital assets.
According to Industry sources, this partnership positions RAKBANK and Bitpanda at the forefront of the digital financial breakthrough in the UAE, while fostering growth in the digital assets sector. This allows banks to participate in the virtual asset economy without needing to develop their own in-house virtual asset capabilities.
Industry sources confirmed that fully launched, RAKBANK customers will be able to pursue various digital assets use cases unlocking one of the most complete offerings available in the UAE market. This is however subject to CBUAE approval.
Dongjun “DJ” Choi, Group Chief Customer Officer of RAKBANK commented: “We believe digital assets represent one of the future ways for customers to manage their finances more efficiently and securely. This partnership is poised to fill the gap in the market for a trustworthy and regulated banking platform to deal in digital assets. By merging our expertise, we aim to revolutionize the traditional financial landscape for the benefit of our customers, enabling them to explore a broader range of digital assets opportunities.”
Lukas Enzersdorfer-Konrad, CEO of Bitpanda Technology Solutions added: “RAKBANK has a long history of pioneering crypto innovation in the UAE, and we want to support their ambitions. Bitpanda Technology Solutions is fully modular, enabling us to tailor products to our partners’ needs. This partnership exemplifies the importance of that flexibility. Together, we will transform crypto access for millions in the UAE and lay the groundwork for future innovation.”
