The National Bank of Ras Al Khaimah (RAKBANK) has partnered with Bitpanda Technology Solutions to provide a platform allowing UAE residents to manage their digital assets.
The partnership brings together RAKBANK, the UAE’s bank in the digital asset sector, and Bitpanda, a digital asset provider. Once fully launched, RAKBANK clients will have access to one of the most comprehensive services in the UAE market, enabling them to pursue a range of digital asset use cases, subject to CBUAE approval.
Fostering Financial Innovation in the UAE
The partnership places RAKBANK and Bitpanda at the forefront of digital financial innovation in the UAE and fosters the growth of the digital asset sector, allowing banks to participate in the crypto-asset economy without having to develop their own in-house crypto-asset capabilities.
In a comment, a representative from RAKBANK said that they believe digital assets are one of the future ways for clients to manage their finances more efficiently and securely. This partnership is poised to fill a gap in the market for a trusted, regulated banking platform for dealing in digital assets. By combining the expertise of both companies, we aim to revolutionize the traditional financial environment for the benefit of our clients, enabling them to explore a wider range of digital asset opportunities.
In response, a Bitpanda representative stated that RAKBANK has a long history of leading crypto innovation in the UAE and we want to support their ambitions. Bitpanda technology solutions are fully modular, allowing us to customize our products to our partners’ needs. This partnership exemplifies the importance of that flexibility. Together, the two companies will transform access to crypto in the UAE and lay the foundation for future innovation.
Bitpanda Technology Solutions is positioned as a scalable digital asset infrastructure provider. As a highly regulated player in the industry, the company has a global footprint and is already trusted by some of the world’s top financial institutions, banks, neobanks and fintechs.