Rakbank, officially the National Bank of Ras Al Khaimah, has become the first conventional bank in the UAE to enable retail customers to trade cryptocurrencies directly through its mobile banking app. This landmark move reflects the growing integration of digital assets within traditional banking in the region.
In partnership with Bitpanda, a leading global digital asset platform regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), Rakbank has embedded crypto trading features into its existing digital banking infrastructure via Bitpanda Broker MENA DMCC. Customers can now buy, sell, and swap cryptocurrencies seamlessly using their UAE dirham accounts, bypassing foreign exchange fees and complex fund transfers common with standalone crypto platforms.
Rakbank’s streamlined crypto brokerage service simplifies onboarding and transactions, allowing users to transact directly from their savings or current accounts. Group CEO Raheel Ahmed emphasized that this innovation aligns with the bank’s mission to deliver regulated, secure, and user-friendly digital asset experiences enhanced by human support.
Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad called the partnership a milestone in bringing crypto into regulated banking, signaling a future where digital asset services are compliant, simple, and trusted.
Currently available on an invitation-only basis, Rakbank plans to expand access to its crypto services to a wider customer base in the coming months.
