RAKBANK Partners with Bitpanda to Provide Digital Asset Services in the UAE
RAKBANK, one of the major banks in the United Arab Emirates (UAE), has teamed up with Bitpanda Technology Solutions, an Austrian digital assets infrastructure provider, Austria’s first fintech unicorn with a $170 million series B funding back in 2021. This partnership marks Bitpanda’s debut attempt into the UAE.
Teaming Up to Make an ‘Access’ Change in Crypto
RAKBANK, aka The National Bank of Ras Al Khaimah, stands out as one of the most forward-thinking financial institutions in the UAE. On the other hand, Bitpanda has made a name for itself by partnering with several major banks and financial institutions in Europe to help millions of their customers access digital assets.
Bitpanda CEO Lukas Enzersdorfer-Konrad expressed his enthusiasm about the partnership, stating, “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.”
Opening Doors to More Digital Use Cases
The partnership aims to provide a robust platform that will enable UAE residents to manage digital assets effortlessly. When fully launched — post-approval from the Central Bank of the UAE — RAKBANK customers will be able to pursue various digital assets use cases, opening doors to one of the most complete offerings available in the UAE market.
This platform will be powered by Bitpanda’s cutting-edge API-driven and fully secure ISO 271001-certified infrastructure. RAKBANK’s customers will be able to access these new benefits within their existing app with RAKBANK’s current brand.
The partnership between RAKBANK and Bitpanda doesn’t stop at providing digital asset management. They have announced plans to work exclusively together in the UAE to explore RAKBANK’s issuance of digital payment tokens. This bold goal comes at a crucial time for the region, signaling a commitment to a future of innovation for digital assets in the UAE.
Dongjun “DJ” Choi, Group Chief Customer Officer, remarked, “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.”
You’ll recall that Coinfomania reported a recent ruling by a Dubai court that made headlines by acknowledging cryptocurrency as a legitimate form of salary payment. According to UAE lawyer Irina Heaver, this decision, made on August 16, brings to the forefront the country’s increasing willingness to embrace crypto in work contracts, signaling a significant shift towards mainstream acceptance, a source confirmed.