RAKBANK Partners with Bitpanda to Launch In-App Crypto Trading
Rakbank, also known as the National Bank of Ras Al Khaimah, has become the first conventional bank in the UAE to offer crypto trading services to retail customers. Through a new partnership with Bitpanda, a global digital asset platform regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), the bank has integrated cryptocurrency trading into its mobile banking app.
This collaboration leverages Bitpanda Broker MENA DMCC to provide a seamless trading experience. As a result, customers can now buy, sell, and swap cryptocurrencies directly from their UAE dirham accounts. Since this eliminates foreign exchange fees and complicated transfers often associated with standalone crypto apps, users gain a much simpler entry point into digital asset trading.
Seamless Experience, Regulated Environment
The new crypto feature allows Rakbank customers to transact using their existing savings or current accounts. Not only does this integration reduce barriers to entry, but it also ensures that all transactions happen within a secure and regulated framework. Moreover, Rakbank has streamlined the onboarding process, enabling users to start trading without delays or extra technical steps.
Group CEO Raheel Ahmed emphasized that this initiative is aligned with Rakbank’s broader strategy to deliver secure, compliant, and user-friendly digital financial services. “We aim to provide our customers with regulated, seamless and easy access to digital assets, combined with the convenience of our banking app and human support whenever they need it,” he said.
Expanding Access in the Near Future
Although access to Rakbank’s crypto services is currently limited to an invitation-only group, broader availability is on the horizon. The bank plans to roll out the service to a wider customer base in the coming months, further expanding its role in the evolving digital finance landscape.
Bitpanda’s Deputy CEO Lukas Enzersdorfer-Konrad highlighted the significance of this partnership, noting that it marks a major step in merging traditional banking with regulated crypto trading. “Together, we are making digital assets accessible within a secure and fully regulated banking environment,” he said.
Through this move, Rakbank positions itself at the forefront of regulated crypto adoption among conventional banks in the UAE, signaling a shift toward deeper integration of digital assets into mainstream financial services.
